BillionElectric Enters Indian Market with $10 Million Seed Funding
- ByStartupStory | June 27, 2023
BillionElectric, an E-Mobility as a Service (E-MaaS) platform, announced its expansion into the Indian market today after securing $10 million in a seed round of equity and asset lease funding.
The funds raised will be strategically allocated to two main initiatives: deploying electric tarmac buses at Bengaluru International Airport and developing a mid-mile heavy electric vehicle (EV) trucks platform.
In collaboration with Veera Vahana, BillionElectric has signed a contract to extend its services to ten additional airports across the country, following the initial launch in Bengaluru. The comprehensive E-MaaS offering includes electric vehicles, charging infrastructure in partnership with CHARGE+ZONE, and an integrated E-Mobility platform to ensure seamless operations. The platform will also support commercial electric vehicles, facilitating zero-emission and efficient transportation of goods for large corporations.
Kartikey Hariyani, Co-Founder & Chief Platform Architect of BillionElectric, expressed the significance of this investment in reshaping the transportation landscape. He stated, “Over the last two years of product development and software innovation, this is our significant investment as it serves as a powerful catalyst in our mission to reshape the transportation landscape and offer cutting-edge, cost-effective, and sustainable mobility solutions to businesses and individuals alike. As we embark on this transformative journey, it is worth noting that the eMobility industry is projected to experience remarkable growth, estimated to reach a staggering $6 billion by 2024.”
Mustafa Wajid, Co-founder & Chief Advisor, Business & Strategy of BillionElectric, emphasized the company’s commitment to driving the shift from fossil fuels to electric power. He said, “At BillionElectric, we are committed to spearheading this paradigm shift from molecules to electrons and thereby empowering intercity logistic companies to thrive in this evolving landscape by embracing our E-MaaS platform. Together, we can accelerate the transition towards a greener, more sustainable future with a mission to deliver One Billion clean energy miles per year.”
The entry of BillionElectric into the Indian market marks an important milestone in the country’s journey towards sustainable transportation. With their innovative E-MaaS platform and the support of strategic funding, the company is well-positioned to contribute to the growth of electric mobility in India and make a significant impact on reducing carbon emissions.
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