BillionElectric, an innovative Electric Mobility as a Service (eMaaS) platform, has raised $10 million in a seed round of equity and asset lease funding.
High net-worth investors (HNIs) and family offices participated in this funding round, marking a significant milestone for the company’s mission to reshape the transportation landscape in India.
The funds will be strategically allocated to two key initiatives: deploying electric tarmac buses at the Bengaluru International Airport and developing a mid-mile heavy electric trucks platform, according to a recent statement from the company.
Founders Aim to Revolutionize the eMobility Industry in India
Founded by Kartikey Hariyani and Mustafa Wajid in 2019, BillionElectric aims to provide a wide range of services under its comprehensive eMaaS offering.
The platform will not only offer electric vehicles but also collaborate with CHARGE+ZONE to develop charging infrastructure and an integrated e-Mobility platform. BillionElectric also plans to support commercial electric vehicles, making zero-emission transportation of goods a reality for large corporations.
Following the successful launch of its services in Bengaluru in collaboration with Veera Vahana, BillionElectric has already inked a contract to expand to ten additional airports pan-India.
This expansion will undoubtedly play a vital role in accelerating the company’s operations and driving the adoption of electric mobility across the country.
Driving Towards a Greener and Sustainable Future
Kartikey Hariyani, Co-Founder, Chief Platform Architect of BillionElectric, expressed enthusiasm about the investment and stated that the funding would be a powerful catalyst in achieving their mission to offer cutting-edge, cost-effective, and sustainable mobility solutions to businesses and individuals alike.
He also highlighted the remarkable growth projected for the eMobility industry, estimated to reach $6 billion by 2024. To ensure the seamless and efficient operations of its platform, BillionElectric has forged strategic partnerships with leading Original Equipment Manufacturers (OEMs).
Additionally, the company will reinforce its charging infrastructure through CHARGE+ZONE, which boasts a nationwide network of charging stations, thus eliminating the challenges faced in the commercial mobility sector.
Towards a Billion Clean Energy Miles Annually
BillionElectric aims to expedite the adoption of electric vehicles in India and set an impressive milestone of covering a billion clean energy miles annually through its eMaaS services.
With a focus on delivering top-notch electric vehicles and providing solutions to the hurdles faced by commercial mobility players, the platform strives to drive a greener, more sustainable future.
Mustafa Wajid, Co-founder and Chief Advisor- Business and Strategy of BillionElectric, expressed the company’s commitment to spearheading the paradigm shift from traditional fuel to electric mobility, empowering intercity logistic companies to thrive in this evolving landscape through their eMaaS platform.
The platform’s mission is aligned with the larger goal of delivering one billion clean energy miles per year.
The successful seed funding round will play a crucial role in reshaping the Indian transportation landscape and driving the adoption of electric mobility.
With a focus on deploying electric tarmac buses and developing mid-mile heavy EV trucks, the company is poised to make a significant impact in the eMobility industry.