Cassetex, Bangladesh’s inaugural Battery-as-a-Service (BaaS) startup focusing on electric three-wheelers (E3Ws), has raised US$1.6Mn in funding. The investment round was led by Infusion Partners and Waverider International Consulting Co. The funding aims to enhance Cassetex's initiatives to make electric transportation, agriculture, and light industry more affordable in Bangladesh, Nepal, and East Africa.

This investment will support Cassetex's strategy to generate new employment opportunities within the economy by enabling small business owners, particularly women, to become micro-energy entrepreneurs (mEE) through investment in Cassetex battery-swapping stations. Moreover, Cassetex plans to integrate 50,000 new vehicles by 2026, using the investment to advance its clean energy solutions.

Bangladesh is home to approximately 4.2 million light electric vehicles, predominantly three-wheelers, which are currently growing at a compound annual growth rate (CAGR) of 7%. The majority of these vehicles use lead-acid batteries, which contribute to environmental and health challenges by releasing 45,900 metric tons of lead pollution annually. Cassetex is addressing these concerns by developing batteries that are not only longer-lasting but also environmentally safer.

Founded in 2020 by Gopal Kumar Mohoto, Ahmad Ad, and Tauseef Anwar, Cassetex is committed to reducing emissions in the transport sector. Ahmad Ad, CEO and Co-founder of Cassetex stated, “Our aim is to ensure that state-of-the-art EV batteries are deployed responsibly in Bangladesh, positioning the country as a leader in clean mobility globally. This investment enables us to expand our impact, empower women entrepreneurs, and transition towards zero-emission transport, ensuring environmental sustainability for future generations.”