BillionE Bags $25 Mn To Accelerate EV Truck Deployment Across Key Industrial Corridors

Emobility startup BillionElectric Mobility (BillionE) has raised $25 Mn (around INR 207 Cr) in a mix of equity and debt from investors like SBI along with a host of undisclosed HNIs and family offices.

The Vadodara-based startup plans to deploy a significant portion of the capital to support its planned deployment of over 500 electric trucks by FY27, alongside making investments in fleet management systems, tech platforms as well as deepening its ecosystem partnerships. 

“The capital will allow us to accelerate fleet expansion, strengthen operational readiness, and deepen partnerships with customers committed to decarbonising their logistics. Our vision is to make electric trucking a mainstream, dependable, and commercially viable choice for India’s freight ecosystem,” cofounder and CEO Sanjeev Kulkarni said.

Founded in 2021 by Kulkarni and Kartikey Hariyani, BillionE Mobility is an electric mobility-as-a-service (eMaaS) startup that provides end-to-end commercial EV logistics solutions. 

Its offerings span electric trucks and buses, charging infrastructure and smart telematics, enabling enterprises to transition to zero-emission fleets. The startup has secured over 250 long-term EV truck contracts across India, largely for medium- and heavy-duty vehicles.

BillionE’s fleet deployment is focussed largely on commercial and industrial logistics, catering to sectors such as cement, automotive, third-party logistics (3PL), ecommerce, among others. It is pursuing a pan-India rollout as of now, with plans to expand its presence across key industrial corridors.

This marks the second major investment bagged by the startup after its $10 Mn seed funding round in 2023. The capital, which helped it expand its presence in the logistics market, helped it bag major contracts from the likes of Ashok Leyland to deliver its trucks.

The most recent funding round has materialised amid a broader push to scale electric trucks in the broader Indian logistics arena. While the push is largely anchored by policy support and revamps, it has also allowed startups to gradually scale their presence in the erstwhile largely unorganised trucking segment.

Last year, the Centre rolled out incentives under the PM E-DRIVE scheme to support the deployment of 5,600 e-trucks nationwide. The scheme offers demand incentives for N2 and N3 category e-trucks, with subsidies of up to INR 9.6 Lakh per vehicle.

Investor interest in the segment has also picked up in tandem with the policy push, with players such as EKA Mobility and Blue Energy Motors raising significant capital in recent times to scale their electric truck operations, signalling growing confidence in India’s commercial EV transition.