Palki Motors Pte. Ltd.

What Palki Motors Pte. Ltd. does

Palki Motors Pte. Ltd. is Bangladesh's first homegrown electric vehicle designer and manufacturer, founded in 2022 by CEO Mustafa Al Momin and incorporated in both Bangladesh (Palki Motors Limited) and Singapore. Operating from a microfactory and showroom in Satarkul, North Badda, Dhaka, the company designs and assembles electric cars and light commercial vehicles locally — combining ground-up R&D with CKD assembly — using LFP (Lithium Iron Phosphate) battery technology selected for safety, thermal stability and a 5–8+ year lifespan suited to Bangladesh's tropical climate.

The product portfolio comprises four core models: the Cityboy V2 family electric car (৳8.5 lakh, 100 km range), the Cityboy V3 ride-share fleet vehicle (৳18 lakh, 200 km range, 36 kWh LFP), the ReVolt V2 light commercial electric pickup (৳18.5 lakh, 800 kg payload), and the flagship Palki X27 premium SUV (৳28.35 lakh, 301 km range, 37 kWh LFP). Vehicles feature digital dashboards, IoT connectivity for fleet management, and battery management systems; production of Cityboy V3 is currently paused pending BRTA approval.

Palki generates revenue primarily through one-time vehicle sales via a direct-to-consumer channel combining a Dhaka showroom, WhatsApp-led inside sales with a 30-second response promise, and door-step delivery. Pricing is paid 30% at booking and 70% before delivery, with bank financing enabled through EBL, City Bank and MTB. After-sales service across 8 districts (with 48-hour turnaround) and a planned expansion to all 64 districts provides recurring service revenue. Customer segments are individual families, individual ride-share drivers, ride-share fleet operators, and commercial last-mile delivery businesses. As of April 2026, Palki has delivered 26 vehicles across 8 districts and raised approximately $1.385 million cumulatively, including a 2022 founder investment, a 2024 Startup Bangladesh grant, a 2024 Accelerating Asia seed investment, and the 2025 Zayed Sustainability Prize.

Name

Palki Motors Pte. Ltd.

Legal name

Palki Motors Limited

Website

https://palkimotors.com

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

11–50 employees

Short description

Palki Motors is Bangladesh's first homegrown electric vehicle manufacturer, designing and assembling LFP-battery cars and pickups in Dhaka for individual families, ride-share drivers, fleet operators and last-mile delivery businesses, distributed via a showroom, WhatsApp-led direct sales and bank-financed installments.

Ownership category

akta.pro rank

Product category

Electric Vehicles

NAICS

Automobile and Light Duty Motor Vehicle Manufacturing (33611)

SIC

Motor Vehicles & Passenger Car Bodies (3711)

akta.pro primary industry

Light Electric Vehicles (NEVs/LSEVs/Quadricycles) Manufacturing (IMACAOAC)

akta.pro secondary industries

EV & Hybrid Battery Service, Diagnostics & Reconditioning (TLAKAMAA), Battery & EV/Hybrid Preventive Maintenance (Battery Health/High-Voltage Inspection) (TLAKAGAJ)

Keywords

• Electric vehicle manufacturing
• Electric passenger cars
• Light commercial EVs
• LFP battery technology
• Last-mile delivery vehicles

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices2 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Electric Vehicle Sales: One-time sale of electric vehicles (Cityboy V2, V3, ReVolt V2, X27) with upfront payment. Pre-order deposit of ৳১,০০,০০০ followed by balance payment (30% at booking, 70% before delivery). Bank financing available through EBL, City Bank, and MTB.
2. After-Sales Service & Maintenance: Service centers in 8 districts providing maintenance with 48-hour turnaround guarantee. Service network expansion planned across all 64 districts.
3. Financing Partnerships: Bank loan arrangements through EBL, City Bank, and MTB for vehicle financing, enabling customers to purchase on installment plans.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels8 records

Core offering

Palki Motors designs, manufactures, and sells electric vehicles in Bangladesh, including family passenger cars (Cityboy V2), ride-share fleet EVs (Cityboy V3), light commercial electric pickups (ReVolt V2), and a premium electric SUV (Palki X27). Vehicles are either ground-up engineered or CKD-assembled at the Dhaka microfactory, using LFP battery technology suited to local climate and road conditions. The company provides a complete EV ownership experience including pre-order sales, bank-financed installment plans, BRTA registration support, and after-sales service across multiple districts.

Product overview

Palki Motors is Bangladesh's first electric vehicle manufacturer offering a portfolio of four distinct EV models. The product lineup includes: Cityboy V2 (affordable family car, 100km range), Cityboy V3 (fleet-focused vehicle for ride-sharing with 200km range), ReVolt V2 (light commercial electric pickup for last-mile delivery with 800kg payload), and Palki X27 (premium flagship SUV with 301km range). Vehicles are either designed and manufactured in Dhaka or assembled locally from CKD kits. The company targets families, ride-share fleet operators, and commercial businesses, offering a complete EV ecosystem including accessible financing, charging infrastructure guidance, and service support across 8 districts.

Differentiator

Problem solved

Functional benefit

Products and services

• Cityboy V2 Family Electric Car Affordable four-seat family electric car designed for daily city commuting. Features 100 km range per charge, 50 km/h top speed, air conditioning, LED lighting, and Bluetooth connectivity. Made in Bangladesh with a 5-year/50,000 km battery warranty and 1-year/20,000 km full vehicle warranty. Priced at ৳8,50,000.
• Cityboy V3 Fleet Electric Vehicle Fleet-oriented electric vehicle built for ride-share and fleet operators running Uber, Pathao, and similar app-based transport services. Features 200 km range, 36 kWh LFP battery on a 144V architecture, 1+4 seating layout, 80 km/h top speed, and standard AC. CKD-assembled in Dhaka with a 5-year/80,000 km motor warranty and 2-year/30,000 km battery warranty. Volume pricing available for fleet partners. Priced at ৳18,00,000.
• ReVolt V2 Electric Pickup Two-seat (driver plus helper) electric pickup truck designed for last-mile delivery, SME logistics, e-commerce, food delivery, and agricultural produce transport. Features 800 kg payload capacity, 80–100 km range per charge, 12 kWh 60V LFP battery, and 30–60 day delivery timeline. Assembled in Bangladesh with a 2-year/30,000 km battery warranty and 5-year motor warranty. Priced at ৳18,50,000.
• Palki X27 Premium Electric SUV Flagship five-seater premium electric SUV positioned as the top-of-line Palki model. Features 301 km CLTC range, 37 kWh LFP battery, 120 km/h highway speed, panoramic roof, auto AC, digital instrument cluster with media screen, and steering-mounted controls. Includes an 8-year/100,000 km battery warranty, 5-year/80,000 km motor warranty, and 3-year/50,000 km full vehicle warranty. Priced at ৳28,35,000 with early-bird discount (regular price ৳30,50,000).
• After-Sales Service and Maintenance Maintenance and repair services for Palki EVs through service centers in 8 districts of Bangladesh, with a 48-hour turnaround commitment and planned expansion to all 64 districts.

Quantifiable outcome

• ~2 tons CO₂ reduction per vehicle per year
• +5 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature4 records

Partnerships

One partnership is on record.

• Y Combinator Startup SchoolminorOthers · 1 January 2024Palki Motors is a graduate of Y Combinator's free Startup School educational program. Note: This is an educational program, not an investment from Y Combinator.

Scale indicators11 records

Recent moves6 records

Expansion highlights7 records

Broad incumbents

• Mahindra Electric: Mahindra's electric mobility arm produces electric 3-wheelers, small commercial EVs, and emerging-market passenger EVs. Comparable to Palki as a South Asian legacy auto OEM extending into affordable electric mobility, though at vastly larger scale.
• Tata Motors (EV division): Tata's passenger EV business (Tiago EV, Punch EV, Nexon EV) sells affordable electric cars to Indian mass-market buyers. Comparable as a regional incumbent with established EV lines that could expand into Bangladesh with price-down variants.
• BYD: World's largest EV manufacturer and dominant LFP battery producer. Could enter Bangladesh via imports or assembly and compete on price across Palki's full portfolio; comparable as an existential competitive threat.

Direct peers

• Euler Motors: Indian EV startup manufacturing electric 3-wheelers and light commercial vehicles for last-mile delivery, with comparable LFP battery strategy targeting cost-sensitive emerging-market fleet operators. Directly comparable to Palki's ReVolt V2 commercial pickup play.
• Altigreen Propulsion Labs: Indian EV maker focused on electric 3-wheelers for cargo and passenger use, targeting ride-share drivers and small businesses. Directly comparable to Palki in segment, geography, and customer profile (emerging-market commercial/fleet).
• Omega Seiki Mobility: Indian electric cargo vehicle and 3-wheeler manufacturer with LFP battery tech and last-mile delivery focus. Comparable to Palki's ReVolt V2 commercial EV targeting SME logistics in South Asia.
• Switch Mobility: UK/India-based electric light commercial vehicle and bus manufacturer targeting emerging markets with affordable, durable EVs. Comparable to Palki's commercial EV segment focus and South Asia distribution model.

Emerging players

• Tresa Motors: Indian EV truck startup developing electric light commercial vehicles for the Indian and emerging Asian markets. Comparable to Palki ReVolt V2 commercial pickup strategy and similar early-stage scale.
• Strom Motors: Indian electric 3-wheeler and small commercial EV maker focused on emerging-market affordability and LFP-based designs. Comparable to Palki's target customer (CNG replacement) and battery strategy.

Regional players

• Rancon Motorbikes: Bangladesh-based electric motorcycle and small EV maker focused on the domestic Bangladesh market. Comparable as a fellow local EV manufacturer building in Bangladesh, though Palki is positioned in passenger/commercial EVs while Rancon focuses on two-wheelers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Palki Motors Pte. Ltd.