E-Maas (electric mobility as-a-service) platform BillionElectric on Tuesday announced its entry into the domestic market and said it has secured USD 10 million in a seed round of funding.
The capital infusion, which is in the form of equity and lease funding, will be strategically allocated for the deployment of electric tarmac buses at the Bengaluru international airport; and development of a mid-mile heavy EV trucks platform, the company said in a statement.
The company said it has already inked a contract to expand its services to 10 additional airports pan-India, following the initial launch in Bengaluru in collaboration with a partner.
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The funds raised will play a vital role in supporting and accelerating the expansion of operations, it said.
"We announce the launch of E-Maas platform BillionElectric accompanied by the successful completion of our seed funding round. Over the last two years of product development and software innovation, this is our significant investment,” said Kartikey Hariyani, Co-Founder, Chief Platform Architect, BillionElectric.
The electric mobility industry is projected to experience remarkable growth, estimated to reach a staggering USD 6- billion by 2024, according to him.
As part of its comprehensive E-MaaS offering, BillionElectric said it will provide a wide range of services, including EVs, charging infrastructure in collaboration with CHARGE+ZONE, and an integrated e--mobility platform.
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Additionally, the platform will extend its support to commercial electric vehicles, facilitating zero emissions driven and efficient transportation of goods for large corporations, it added.
"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,” said Mustafa Wajid, Co-founder and Chief Advisor for business and strategy, BillionElectric.
The company said it has forged strategic partnerships with leading OEMs while the charging infrastructure will be reinforced by CHARGE+ZONE, which has a nationwide network of charging stations.
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