EV Startup BillionE Bags $25M to Deploy 500 Electric Trucks in India
Overview
Vadodara-based emobility startup BillionElectric Mobility (BillionE) has secured $25 million in mixed equity and debt funding from investors including SBI. The capital will accelerate the deployment of over 500 electric trucks by FY27, enhance fleet management systems, and deepen partnerships, aiming to make electric trucking a viable choice for India's logistics sector and support decarbonization goals.
Stocks Mentioned
BillionElectric Mobility (BillionE), a Vadodara-based emobility startup, has secured $25 million (approximately INR 207 crore) in a funding round that combined equity and debt. Investors in the round included State Bank of India (SBI) alongside several undisclosed high-net-worth individuals and family offices.
The capital infusion is earmarked for accelerating fleet expansion. BillionE plans to deploy over 500 electric trucks by FY27. Significant investments will also target fleet management systems, proprietary tech platforms, and strengthening crucial ecosystem partnerships.
Strategic Use of Capital
BillionE's cofounder and CEO Sanjeev Kulkarni stated the funds will enhance operational readiness and deepen commitments with clients focused on decarbonizing their logistics operations. "Our vision is to make electric trucking a mainstream, dependable, and commercially viable choice for India's freight ecosystem," Kulkarni said.
Market Context and Government Support
Founded in 2021, BillionE offers end-to-end commercial EV logistics solutions, including electric trucks, buses, charging infrastructure, and telematics. The startup has already secured over 250 long-term EV truck contracts across India, primarily for medium- and heavy-duty vehicles.
This funding round arrives as India actively promotes the scaling of electric trucks within its broader logistics arena. Policy support, such as the Centre's PM E-DRIVE scheme offering subsidies up to INR 9.6 Lakh per vehicle for N2 and N3 category e-trucks, has been instrumental.
Investor confidence in the commercial EV transition is growing, mirroring similar recent capital raises by players like EKA Mobility and Blue Energy Motors. BillionE previously raised $10 million in seed funding in 2023.
