commercial vehicle manufacturer Altigreen has raised Rs 300 crore (approx. US$
40 Million) investment in its Series A round, to boost its EV manufacturing,
launch new products including LCVs and strengthen its countrywide presence.
company with its road-ready commercial EVs, powered by its proprietary
drivetrain technology, is already changing the face of last-mile delivery and,
with this funding, will rapidly accelerate towards its next phase of growth.
The funds will be utilised to ramp up production capabilities, accelerate
R&D, fast-paced EV adoption and develop a robust Pan-India network to offer
the best and cleanest last-mile transportation solutions in India.
investment is led by Sixth Sense Ventures, along with Reliance New Energy (a
wholly-owned subsidiary of Reliance Industries Limited), Xponentia Capital,
Accurant International, USA and Momentum Venture Capital, Singapore.
on the occasion, Nikhil Vora, Founder & CEO of Sixth Sense said, “Altigreen
fits perfectly well into the Sixth Sense 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 and
under-penetrated, as well as benefits multiple stakeholders in the value chain
(from Ecommerce players to consumers). This coupled with a strong product first
approach and a credible team, Altigreen is well positioned to emerge as one of
the leading players in the 3W EV space. We are excited to partner with Amitabh,
Shalendra and team.”
are very excited to work with Amitabh Saran and Shalendra Gupta, pioneers who
have invested several years, in developing indigenous technology, that is
shaping India’s EV revolution. Altigreen’s vehicles are more practical, more
economical, ecologically beneficial and truly Made in India. We believe that
Altigreen has a big role to play in accelerating the adoption of EVs which is
entering a non-linear growth phase in Indian markets”, says PR Srinivasan,
Managing Partner, Xponentia Capital.
is the most opportune time to invest our efforts in boosting EV manufacturing
to cater to the rising aspirations and demands of the customers. The future of
India’s automobile industry is electric and we have already laid out a roadmap
to achieve fast-EV adoption, mainly in the commercial segment. The deeper
ecommerce penetration and growth in last-mile delivery have catapulted the demand
for commercial, road-ready EVs and this year will definitely be a
transformative year for us. Elated to have marquee investors and believers like
Sixth Sense, Reliance, Xponentia and others,” said Dr.Amitabh Saran and
Shalendra Gupta, Co-founders of Altigreen.
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