Altigreen Propulsion Labs | Quick company profile

November 22, 2024 commercial vehicles, electric 3W 6 min read

Altigreen Propulsion Labs is an all-electric commercial vehicle OEM in India (3-wheeler cargo and passenger, under the brand name neEV) that has taken a deep-tech, full-stack approach, with a proprietary EV powertrain (designing and manufacturing its motors, controllers, BMS, Li-ion batteries, embedded and application software).

Founded in 2013 in Bengaluru, the company began by creating full-electric & hybrid drivetrains for 2, 3, and 4-wheelers and tractors, and supplying them to automobile companies.

It later turned OEM itself and sold its first EV in 2021.

Their 5,000 vehicles are on the road in 120+ cities and towns, having clocked over 78 million km. They currently serve marquee clients in the e-commerce and FMCG segments and sell to driver-owners through their dealerships and B2B channels.

The company set up a 3-lakh sqft plant & warehouse in Malur, Karnataka.

Altigreen currently has 20 dealerships across India in Tier 1, 2 and 3 cities.

The vehicles include:

neEV L5N – Top speed 53 kmph, ARAI certified range of 151 km.

neEV Bhai L5N – Top speed 50 kmph, ARAI certified range per charge 131 km

neEV TEZ L5N – Top speed 53 kmph, 15-min ultrafast Rapid Charging in collaboration with Exponent Energy.

neEV Rahi L5M – Top speed 50 kmph, 11kWh battery pack, Range 146 km

Upcoming vehicles

Altigreen is expected to launch the following vehicles next, which are currently in various stages of development and homologation:

neEV Bhai E+ model with 10.8 kWh LFP battery packs from Exide Energy

L5M passenger autorickshaw

L5N large cargo truck

A four-wheeler cargo truck to follow in 2026.

Altigreen has a software-driven approach to EVs, and it has been using GenAI since 2022. Its AI / ML models help optimise battery usage, improving vehicle performance and directing efficiency in driving behaviour, informs Amitabh Saran – CEO at Altigreen Propulsion Labs.

Investment raised

The company has raised a total funding of $48.8 million to date, as per Tracxn.

The latest funding round was announced in Feb 2022, with Altigreen raising INR 300 cr ($40.1 million) in a Series A round led by Sixth Sense Ventures, along with Reliance New Energy, Xponentia Capital, Accurant International, USA and Momentum Venture Capital, Singapore. Reliance New Energy, a wholly-owned subsidiary of RIL, invested INR 50.16 cr.

According to some reports, it is in the midst of raising Series B round, this time with strategic investors from the automobile domain. Hero MotoCorp could make a significant investment in Altigreen Propulsion Labs.

Altigreen Patent Portfolio

Altigreen holds a portfolio of 32 patents granted across 60 countries, including 6 in the United States. Altigreen’s patent portfolio includes patents for:

Regenerative Braking Systems capture kinetic energy during braking and store it in the battery for later use.

Electric Motor Control Systems that optimize the performance of electric motors.

Electric Drive and Power Systems that provide a means for outputting both mechanical power and electrical power.

Belt-Drive Assemblies, through innovative materials, using the concept of flextures.

Altigreen L5N Vehicles sales this year

Source: EVreporter Data Portal. Combined data from Vahan and Telangana

The company sold 1,045 L5N vehicles in period Jan 2024 to Sep 2024.

Of these, most number of vehicles (215) were sold in Karnataka and Delhi (188), followed by Tamil Nadu (176).

Source: EVreporter Data Portal. Combined data from Vahan and Telangana

Cost Focus and path to profitability

As per EVreporter research, Altigreen ended FY24 with a 10% market share in the electric L5N category. Thereafter, the company began its path towards profitability.

Starting with a negative (-) 3%, it has achieved a +16% material margin (> INR 1 lakh).

Further cost reduction through Value Engineering projects driven by superior EV component data stream and in-house data science team; target 26% in FY25.