Palki Motors, an electric vehicle manufacturer focused on commercial transport solutions, has been selected for Accelerator Asia’s Cohort 10 and awarded a $100,000 impact investment to support its mission of transforming urban mobility in Bangladesh.
With the $100,000 investment from Accelerator Asia, South Asia’s largest pre-Series A startup accelerator, Palki Motors is set to scale its operations. This financial backing will be used to enhance the company’s research and development efforts, expand its production capacity, and strengthen its market reach in Bangladesh. Palki Motors’ focus is on providing ride-sharing drivers and logistics companies with cost-effective, sustainable electric vehicles (EVs), enabling a shift towards greener and more efficient transportation.
Palki Motors aims to deliver 10,000 electric vehicles annually, including passenger cars for ride-sharing services and pickups for corporate last-mile deliveries.
By offering affordable electric vehicles, the company is not only addressing mobility challenges but also contributing to the reduction of carbon emissions in urban areas.
Their business model empowers commercial drivers to transition from renting vehicles to owning them, improving their livelihoods while cutting down on fuel costs and environmental impact.
Mustafa Al Momin, Founder and CEO of Palki Motors, expressed his excitement about the partnership with Accelerator Asia.
“This investment is a recognition of the social impact we are creating in the transportation sector. It allows us to accelerate our R&D, expand our sales, and bring more electric vehicles to the market. Our goal is to provide sustainable mobility solutions to drivers and businesses in Bangladesh, creating a positive environmental and economic impact,” he continued.
Palki Motors’ approach addresses key challenges in Bangladesh’s urban mobility sector, particularly for ride-sharing drivers and last-mile logistics services.
The company’s EVs are designed to be both affordable and durable, providing commercial drivers with an opportunity to transition away from traditional, polluting vehicles.
By offering financing solutions and ownership options, Palki Motors is helping drivers move towards long-term economic stability.
Accelerator Asia, a leader in supporting socially and environmentally focused startups, will provide Palki Motors with mentorship, resources, and strategic support. Through this partnership, Palki Motors will have the opportunity to tap into valuable networks, drive innovation, and scale its operations effectively in the competitive EV market.
