Local EV startup Biliti Electric Inc. is on track to receive $400 million in funding from the Global Emerging Markets Group, an alternative investment group with $3.4 billion in assets under management.
Palms-based Biliti makes compact electric vehicles and plans to debut its GMW Taskman, designed for commercial last-mile deliveries, at the L.A. Auto Show on Nov. 17. The three-wheel EV has a range of 110 miles and offers a “smart, efficient, and economical way to deliver goods and packages in an urban environment,” according to the company.
Taskman has been “ground-tested” by Amazon.com, Walmart’s Flipkart and IKEA, among others, and touts a proprietary “SmartSwapp” technology that enables users to switch the vehicle battery once it’s empty instead of waiting for it to recharge.
“The $400 million commitment from GEM enables us to accelerate our growth, execute new strategic initiatives, acquire cutting edge production facilities and technology players, and expand our manufacturing base to meet the global demand for compact electric vehicles,” Biliti Chief Executive Rahul Gayam said in a statement.
The private investment in public equity — or PIPE — transaction will materialize “on the first day of trading or in tranches to be drawn at the company’s option over a four-year period,” according to Biliti.
Biliti, founded in December 2020, said it has partnered with Gayam Motor Works (GMW) Electric in India to supply the three-wheelers, which have been exported to countries including the UK, France, Japan and Bangladesh.
Gayam’s brother Raja Gayam co-founded GMW Electric in 2010.