Tech twist

Home » News » Hyderabad e-vehicle startup gets Rs 3,000 crore investment commitment
a

Hyderabad e-vehicle startup gets Rs 3,000 crore investment commitment

In a major boost to the Hyderabad startup ecosystem, Biliti Electric founded by city-born entrepreneurs has got an investment commitment of Rs 3,000 crore. This entrepreneur also founded the T-Hub incubated startup Gayam Motor Works.

Biliti Electric, based in the United States, has an exclusive agreement with GMW to supply electric three-wheelers, some of which are produced at Biliti’s plant in Sangareddy, Telangana.

GMW, a T-Hub incubated firm created by two brothers, Raja and Rahul Gayam, and a college friend, Sri Harsha Bavirisetty, is a pioneer in the electric mobility area and has developed in-house electric three-wheelers (autos).

GEM Global Yield LLC SCS, a Luxembourg-based PIPE investor, has committed $400 million to the electric three-wheeler firm (GEM).

“Congratulations to T-Hub startup GMW for receiving Rs 3,000 crore as investment,” Telangana IT Minister KT Rama Rao said in a statement. You are an inspiration to us. Let’s make Telangana the electric vehicle capital of the world.”

The commitment will take the form of a Share Subscription Facility, with funds available on the first day of trade or in four-year tranches at the company’s discretion.

“The $400 million commitment from GEM enables us to accelerate our growth, acquire production facilities and technology players, and expand our manufacturing base to meet the global demand for electric vehicles,” said Rahul Gayam, CEO, Biliti Electric.

“The funds will be used for expansion and we are also looking at acquiring multiple auto manufacturing plants across the globe. Other than this, we are also planning on launching our electric four-wheelers which will come under the Light Commercial Vehicle (LCV) space,” Harsha Bavirisetty told Telangana Today.

These electric three-wheelers are shipped to nations such as the United Kingdom, France, Portugal, Japan, Uganda, Nepal, and Bangladesh, in addition to being employed by large clients such as IKEA, Zomato, and BigBasket. The smart auto produced by the city-based firm is European certified and the first e-3W with a modular battery swapping mechanism. The company, which was created in 2011 and has been in operation since 2014, has also set up battery swapping and charging networks at customer warehouses and distribution centers.

Leave a Comment

Your email address will not be published.