Essar and Iveco Group-backed Blue Energy Motors has raised $30 million (Rs 265 crore) from a clutch of investors including Zerodha co-founder Nikhil Kamath as it looks to foray into the electric truck market.
While Kamath has invested $10 million, the balance has come from Omnitex Industries. This has brought the total capital raised by Blue Energy to $50 million.
Capitalising on the electric truck market
Anirudh Bhuwalka, founder and managing director, Blue Energy Motors, said, “This fund raise is going into strengthening our product capability and helping put together the electric vehicle portfolio.” He declined to share the quantum of stake offloaded.
Blue Energy has started with the commercial production of the electric trucks and is expecting an October launch. Bhuwalka claimed that these trucks are fully developed in-house. “We do not have a partnership (with any OEM). We have technical support for the battery and motor.”
Vision for scalable green mobility
At its Pune plant, Blue Energy has a manufacturing capacity of 10,000 trucks per year. It has rolled out more than 1,000 liquified natural gas (LNG) trucks so far. The electric trucks will be manufactured from the same plant.
Investor and entrepreneur Nikhil Kamath said, “The future of logistics in India will be built on clean, scalable technology. The real opportunity lies in solutions that don’t just chase disruption, but deliver it quietly, efficiently, and at scale. Blue Energy has done that well.”