BILITI Electric: The long journey to introducing a new mobility form factor

We’re passionate about identifying and supporting innovative companies that are shaping the future of mobility and transportation.

Our journey with BILITI Electric began over six years ago as our co-founder and partner, Justin Fishkin, met BILITI’s CTO and co-founder, Rahul Gayam, at Summit Series as part of Summit Impact and began mentoring him. During this time, BILITI began exploring entering the North American market. Recognizing their potential, Justin and David (one of our other co-founders and partners) personally invested in BILITI in April 2021.

As FutureOf was formed, in late 2021 and early 2022, we decided to make BILITI the first investment as a firm. This early backing was just the beginning. Throughout late 2021 and early 2022, we became trusted advisors to the co-founders and began playing a key role in introducing BILITI to the U.S. market.

In April of 2022, FutureOf came out of stealth mode during CoMotion Miami and introduced our new firm to the World. In parallel, Biliti launched its first North American Pilot with The Rounds, facilitated by FutureOf, in Miami and also was an exhibitor during CoMotion. To celebrate this momentous occasion, we hosted a private dinner for Biliti, our strategic partners and friends on Miami Beach. In July 2022, FutureOf Associate, Rasheed Walford, became General Manager of North America for Biliti to support their operating efforts across North America including Pilot projects with the Rounds in Miami and Fresh Direct in New York City.

After these initial pilot efforts in 2022, finding a highly relevant and impactful use case for their innovative technology continued to be crucial. In early 2023, at CES, we facilitated a conversation between Rahul and NewLab Detroit, which led to a meeting with Pluck.eco and thus, the Veggie Express was created to bring fresh produce to underserved areas in Detroit.

While much progress has been made over the last three years, BILITI’s journey hasn’t been without its challenges, as startups, especially ones introducing new technology and novel form factors into new markets, will always face barriers. We highlight a few specific challenges below as we continue to navigate hurdles in accessing capital and going to market in a difficult environment:

1. Insurance Requirements — Navigating the complex world of insurance has been a formidable challenge for BILITI. As they expanded their operations, the need for comprehensive coverage that aligns with their diverse services and geographical reach became apparent. The intricacies of liability, property, and employee insurance not only required a deep understanding, but also strategic planning to ensure that every facet of BILITI was protected against potential risks. This journey through the insurance maze emphasized the importance of having robust risk management strategies that evolve in tandem with the company.
2. Leasing Partners — Establishing and maintaining strong relationships with leasing partners has been crucial for BILITI’s operational expansion. Finding partners who share their vision and commitment to service quality was initially challenging. Negotiating terms that are acceptable to both parties, while ensuring the flexibility needed to accommodate growth and unexpected shifts in market dynamics, required a delicate balance. Overcoming these obstacles taught Biliti the value of transparent communication and long-term planning in fostering partnerships that bolster their business model.
3. Service Issues — As with any company scaling its operations, BILITI has encountered its fair share of service-related challenges. From logistical hurdles to customer service enhancements, each issue presented an opportunity to learn and innovate. Implementing more robust service protocols and integrating advanced technology to streamline operations and enhance customer interaction became our focus with BILITI. These improvements in their service delivery have not only increased customer satisfaction, but also reinforced the reliability of the brand.
4. Access to Capital — One of the most significant challenges faced by BILITI has been securing sufficient capital to support their growth plans. Access to capital is a common barrier for many businesses, and for BILITI, it involved pitching to investors, securing loans, finding government grants, and sometimes, re-evaluating their expansion strategies to align with their financial resources. This ongoing challenge has underscored the importance of strategic financial planning and cultivating strong relationships with financial institutions and investors who are committed to their vision and growth.
5. Regulatory Hurdles — As an electric three-wheeler, which is a novel and unusual form factor for North America, while being widely accepted in many other markets around the world, enters a market with stringent vehicle classification and certification processes, BILITI has struggled to find the appropriate lane within the regulatory landscape. BILITI is committed to working closely with regulatory bodies to ensure compliance with all local and federal regulations. Their goal is to facilitate a smooth market entry and foster an environment where electric three-wheelers become a viable and popular choice among North American customers. We believe that overcoming these hurdles will not only help in reducing the carbon footprint, but also revolutionize urban mobility.

Through each of these challenges, BILITI has learned invaluable lessons that have not only shaped their strategies, but also fortified their resolve to emerge stronger and more adaptable. Along the way, FutureOf has played a crucial role in supporting BILITI as an investor, operating partner, and advisor to help navigate the challenges of scaling a company globally while introducing new form factors and technology to certain markets. As BILITI continues on their journey, these experiences remain integral to our story as well, reminding us that every challenge is a stepping stone towards greater success.

With many challenges come many opportunities for growth, so at the beginning of this year, GoBolt, a company aimed at expanding sustainable supply chains, entered the picture for BILITI in Manhattan. This exciting partnership has unlocked BILITI’s full potential, with GoBolt looking to leverage BILITI’s technology as they expand into Toronto, Vancouver, and further solidify their presence in NYC. Further testament to BILITI’s dedication, resolve and the power of collaboration, as they broke ground on their facility in Hyderabad, India in March this year too. This facility is expected to produce over 2,000 electric 3-wheelers per month!

FutureOf has been with BILITI since the early days of their journey around the globe and specifically in North America providing mentorship, investment, and strategic guidance. And we’re thrilled to see their hard work culminate in successful partnerships. The future is bright for BILITI Electric, and we are proud to be a part of their journey. We’re continuing to push, together, towards a more electrified and sustainable transportation landscape.