Blue Energy Motors raises $50 million from Nikhil Kamath, Omnitex

Blue Energy Motors, an electric truck manufacturer has secured $30 Mn (Rs 264 Cr) in a funding round led by zerodha cofounder Nikhil Kamath and listed textiles company Omnitex Industries. 

The new funding will be used to improve current operations, develop LNG and electric trucks, and grow the startup’s presence across India.

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.

Nikhil Kamath, Investor and Entrepreneur, 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.”

Anshuman Ruia, Director, Essar, said: “As an investor in Blue Energy Motors, Essar remains deeply committed to accelerating India’s transition to green mobility.Our continued investment underscores our confidence in Blue Energy Motors and its innovative approach to decarbonising heavy duty transportation.This aligns perfectly with Essar’s broader vision of championing sustainable business solutions across sectors.”

About Blue Energy Motors

Founded in 2020 by Anirudh Bhuwalka, the Mumbai-based Blue Energy Motors (BEM) develops eco-friendly trucks powered by LNG instead of diesel. Its long-distance LNG trucks have already covered over 50 million km on Indian highways, while its electric heavy-duty trucks for short-haul operations are set to launch soon.

So far, BEM has raised around $50 million from investors including Essar, Exponentia Ventures, and FPT Industrial (part of Italy’s Iveco Group). The company has sold about 1,000 LNG trucks to major enterprises such as flipkart, Reliance Industries, JSW Steel, and Nestlé.

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Earlier this year, BEM partnered with the Maharashtra government to establish an electric truck manufacturing facility with an initial investment of $400 million. The plant is expected to produce roughly 30000 EV trucks, marking a significant step in the company’s expansion.

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