Bangalore based Commercial EV manufacturer Altigreen Propulsion Labs has raised INR 300 crores in its Series A round led by Sixth Sense Ventures and participation from Reliance New Energy (INR 50.16 crores, wholly-owned Subsidiary of Reliance Industries Limited), Xponentia Capital and others.
Altigreen manufactures L5 electric cargo vehicles under the brand name neEV. The company will use the funds to boost its production capabilities, launch new products including LCVs and strengthen its countrywide presence.
“This is the most opportune time to invest our efforts in boosting EV manufacturing to cater to the rising aspirations & demands of the customers. The future of India’s automobile industry is electric & we have already laid out a roadmap to achieve fast-EV adoption, mainly in the CV segment. The deeper e-commerce penetration & growth in last-mile delivery have catapulted the demand for commercial, road-ready EVs & this year will definitely be a transformative year for us“, said Dr Amitabh Saran & Shalendra Gupta, Co-founders of Altigreen.
Nikhil Vora, Founder & CEO of Sixth Sense Ventures said, “Altigreen fits perfectly well into our philosophy of backing first generation Founders, disrupting large categories (US$7bn+ of last mile logistics opportunity) for the consumer of tomorrow (EVs emerging as the future of mobility). Further, we draw comfort with Altigreen’s primary focus on the 3W segment within the EV space – which fundamentally is less cluttered & under-penetrated, as well as benefits multiple stakeholders in the value chain.”
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