Billion Electric Elevates COO Sanjeev Kulkarni To The Role Of CEO

E-Mobility-as-a-Service (eMaaS) platform Billion Electric Mobility has elevated its chief operating officer (COO) Sanjeev Kulkarni to the role of chief executive officer (CEO).

In his new role, Kulkarni will focus on expanding Billion Electric’s business, strengthening industry partnerships and accelerating the rollout of commercial EV solutions, the company said in a statement.

With over 32 years of leadership experience in the automotive and manufacturing sectors, he served as the CEO of Kalyani Powertrain Limited from April 2021 to September 2022, and later took up the role of executive vice president for sales and business development until May 2023.

Prior to that, Kulkarni also held various senior positions at Bosch Limited between 2014 and 2017.

“Since 2023, Kulkarni has been part of our leadership team and over the last 2-years, Billon Electric Mobility has seen the foundation laid for the eMaaS business with his strategic foresight and extensive industry experience. His proven ability to scale operations, drive innovation, and foster collaborations will be critical as we expand our EMaaS business,” said Mustafa Wajid, Cofounder at Billon Electric Mobility.

“Our focus will be on scaling our E-MaaS (electric mobility as a service business) with various corporate customers with our range of Electric Trucks for inter-city transport, maximising operational efficiency, and strengthening collaborations with OEMs and fleet operators,” Kulkarni said.

Founded by Kartikey Hariyani in 2021, Vadodara-based Billon Electric Mobility specialises in electric mobility solutions for trucks and buses. The company aims to offer comprehensive services, including electric vehicles and charging infrastructure in collaboration with CHARGE+ZONE.

In 2023, the startup reportedly secured $10 Mn in a seed funding round to address challenges in the Indian commercial mobility sector. 

In October last year, it was reported that Hinduja Group’s flagship vehicle manufacturer Ashok Leyland started delivery of its AVTR 55 tonne electric, BOSS 19 tonne electric and BOSS 14 tonne electric trucks to Billon Electric Mobility.

The commercial vehicle major had bagged a contract to supply 180 electric trucks worth around INR 150 Cr to Group Billion Electric. These vehicles will be operated on the Chennai-Bengaluru and Chennai-Vijayawada routes.

Billion Electric turned profitable in the fiscal year 2023-24 (FY24). The startup posted a net profit of INR 0.4 Cr during the year under review against a net loss of INR 2.3 Cr in the previous fiscal year.

The turnaround came on the back of strong growth in its top line. Operating revenue skyrocketed 1260% to INR 6.8 Cr in the reported period from INR 0.5 Cr in FY23.

India’s Booming EV Charging Landscape: Kulkarni’s appointment comes at a time when India’s EV charging infrastructure is experiencing unprecedented growth. 

According to the Ministry of Heavy Industries data, public EV charging stations in India reached 25,202 by November 2024, more than doubling from 12,146 stations in January 2024. Karnataka leads with 5,765 stations, followed by Maharashtra (3,728) and Uttar Pradesh (1,989).

Meanwhile, the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme was introduced in September 2024, replacing the previous FAME scheme. It has an increased outlay of INR 10,900 Cr over two years, surpassing the initial allocation of INR 10,000 Cr under the FAME-II scheme. 

The scheme aims to accelerate the adoption of electric vehicles (EVs) across the country. Additionally, INR 5,000 Cr is allocated for deploying electric ambulances, and another INR 5,000 Cr is designated to incentivise the replacement of polluting trucks with electric trucks.

Simultaneously, private players are making significant investments in charging networks. Hero Electric’s partnership with BOLT aims to establish 50,000 charging stations by 2025, with installations planned across 750+ Hero Electric touch points. 

Recent investment activity underscores investor confidence in the sector. According to Inc42’s data, EV startups have raised over $3.7 Bn since 2014, with Ola Electric ($1.3 Bn), Ather Energy ($574 Mn), and Smartron ($225 Mn) receiving the highest funding. 

The overall EV market in India is projected to reach $132 Bn by 2030, capturing 40% of India’s automotive market according to the latest Inc42 report.