Hyderabad e-vehicle startup gets Rs 3,000 crore investment commitment
Hyderabad: In a major boost to the Hyderabad startup ecosystem, Biliti Electric founded by city born enterprenuers has got an investment commitment of Rs 3,000 crore. This entrepreneur also founded the T-Hub incubated startup Gayam Motor Works. Biliti Electric which is based in the US has an exclusive partnership with GMW to supply electric three-wheelers […]
Hyderabad: In a major boost to the Hyderabad startup ecosystem, Biliti Electric founded by city born enterprenuers has got an investment commitment of Rs 3,000 crore. This entrepreneur also founded the T-Hub incubated startup Gayam Motor Works.
Biliti Electric which is based in the US has an exclusive partnership with GMW to supply electric three-wheelers — some of which are manufactured at the company’s unit in Sangareddy in Telangana.
T-Hub incubated company, GMW, founded by two brothers Raja Gayam and Rahul Gayam, and their college mate Sri Harsha Bavirisetty, is a pioneer in the electric mobility space and has developed in-house electric three-wheelers (autos).
The electric three-wheeler maker announced a $400 million PIPE investment commitment from Luxembourg-based GEM Global Yield LLC SCS (GEM).
Telangana IT Minister K T Rama Rao congratulated the startup for bagging the investment and said, “Congratulations to T-Hub startup GMW for raising Rs 3,000 crore as investment. You make us proud. Let’s make Telangana the hub for Electric Vehicles.”
The commitment will be in the form of a Share Subscription Facility and will be made available on the first day of trading or in tranches to be drawn at the company’s option over a four-year period.
“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.
Along with being used by big clients like IKEA, Zomato, BigBasket and others, these electric three-wheelers are also exported to countries like UK, France, Portugal, Japan, Uganda, Nepal, and Bangladesh. The SmartAuto developed by the city-based company is European certified and is also the first e-3W to be designed with a modular battery swapping system. The company, which has been in operations since 2014 and was founded in 2011, has also set up battery swapping and charging networks at the customer warehouses and distribution centres.
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