E-mobility platform BillionElectric raises $10M in seed round
The fresh capital will be used to deploy electric tarmac buses at the Bengaluru International Airport and develop a mid-mile heavy electric trucks platform.
BillionElectric, an e-Mobility as a Service (eMaaS) platform, said it has raised $10 million in a seed round of equity and asset lease funding.
HNIs (high net-worth investors) and family offices participated in the funding round.
The company will use the fresh funds to deploy electric tarmac buses at the Bengaluru International Airport and develop a mid-mile heavy electric trucks platform, according to a statement.
Gujarat-based says that it aims to provide a wide range of services, including electric vehicles, charging infrastructure in collaboration with CHARGE+ZONE, and an integrated e-Mobility platform. The platform also plans to support commercial electric vehicles.
“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," said Hariyani, Co-Founder, Chief Platform Architect, BillionElectric.
BillionElectric, which is founded by Hariyani and Mustafa Wajid, has already inked a contract to expand its services to ten additional airports across India, following the initial launch in Bengaluru in collaboration with Veera Vahana.
According to Hariyani, the e-Mobiltiy industry is projected to experience remarkable growth, estimated to reach a staggering $6 billion by 2024.
“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,” added Wajid, Co-founder, Chief Advisor- Business and Strategy, BillionElectric.
Founded in 2019, CHARGE+ZONE is an electric vehicle charging infra platform. In March this year, the startup had raised $54 million in its Series A1 funding round, comprising debt and equity led by BlueOrchard Finance, a member of the Schroders Group and a global impact investment management firm, along with existing and new institutional investors.
Edited by Affirunisa Kankudti