Bangladesh’s first homegrown Battery-as-a-Service (BaaS) clean infratech startup, Cassetex Ltd., has recently secured a total of $1.6 million in funding from both global and local investors. The lead investors in this funding round were Infusion Partners Ltd. and Waverider International Consulting Co Ltd.
This investment will allow Cassetex to further its mission of making electrification of transport, agriculture, and light industry more affordable in Bangladesh, Nepal, and East Africa. With the help of Cassetex’s battery swapping solutions, the company aims to create new employment opportunities by empowering small business owners, particularly women, to become micro-energy entrepreneurs (mEE) through investing in Cassetex battery-swapping stations. The company also plans to onboard 50,000 new vehicles by 2026, using the $1.6 million funding to continue scaling its clean energy initiative.
Currently, there are 4.2 million Light Electric Vehicles, mostly 3-wheelers, on the roads of Bangladesh, with a compound annual growth rate (CAGR) of 7%. These vehicles primarily rely on lead-acid batteries, which contribute to 45,900 metric tons of lead pollution annually, posing severe environmental and health risks. Cassetex has set its sights on making battery usage more responsible and circular by utilizing unique designs that are longer-lasting and environmentally safer.
Established in 2020 by a team of Bangladeshi electric vehicle pioneers, Gopal Kumar Mohoto, Ahmad Ad, and Tauseef Anwar, Cassetex is driven by the goal of reducing emissions in the transport sector. CEO and Co-founder Ahmad Ad shared his vision for the company’s future, stating, “Batteries are critical to ensuring energy independence and reducing carbon emissions, but can also create negative side-effects if not managed correctly. Our goal is to build a future where state-of-the-art EV batteries can be deployed responsibly, and ensuring Bangladesh becomes a global leader in clean mobility. With this investment, we are set to expand our reach, empower women entrepreneurs, and make significant strides in transitioning to zero emission transport. This is not just about electric vehicles—it’s about safeguarding our environment for future generations.”
One of the key initiatives of Cassetex is the mEE program, which allows small business owners such as corner shop operators, mobile money providers, and tailors to manage battery-swapping stations and increase their income by selling energy. This approach is particularly beneficial for women, who can run these stations with minimal effort while integrating it into their existing businesses. The initiative also helps bring clean energy to more communities and improve economic livelihoods.
Cassetex’s network is designed with a focus on environmental responsibility, energy affordability, and efficiency. To achieve longer cycle life, the company is working closely with global battery component experts and leveraging state-of-the-art technology in lithium-ion batteries. Additionally, the battery swapping chargers used in the network are 25% more efficient than market alternatives and are all managed by Cassetex’s proprietary IOT Cloud Charge Management Platform called GenSwap. This platform enables power demand analysis, charger monitoring, and battery health monitoring. Cassetex’s swapping machines are also Battery-to-Grid (B2G) ready, ensuring that the company’s batteries can provide power back to the national grid in combination with the GenSwap platform. All of Cassetex’s charging devices are integrated with renewable energy, and the company has already partnered with leading local renewable energy supply companies (RESCO) to provide low-cost, dependable solar energy.
In line with its commitment to zero environmental impact, Cassetex takes full responsibility for its batteries, including ensuring supply, performance, and maintenance. Through mobile apps, the company offers full transparency on energy usage and battery performance. After customers join the Cassetex network, they only pay for the energy used, delivering a flexible battery usage experience. With the promise of a one-minute battery exchange, customers no longer have to wait for their battery to charge, resulting in maximum trips and higher income for vehicle owners and drivers.
The impact of Cassetex has been widely recognized by global experts since its establishment in 2020. The company was awarded the Champion Startup by EU EIT Climate-KIC in 2020 and won second prize at the Youth4South Entrepreneurship Competition at the Global South South Development (GSSD) Expo in Bangkok in 2022. Cassetex was also identified as a finalist in the CleanTech Startup category at the World Cleantech Awards organized by Cleantech Business Club in 2022. In 2023, the company was selected as one of the top ten companies in the “Innovation for our Climate and Environment” category by the UN SDG Digital program in New York. Cassetex’s partnership solutions were also included in the final winners of the SolarX Startup Challenge APAC in 2024. The company is also a
