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Altigreen raises Rs 300 cr funding led by Sixth Sense Ventures, Reliance New Energy, others

Altigreen raises Rs 300 cr funding led by Sixth Sense Ventures, Reliance New Energy, others


Commercial electric vehicle maker Altigreen on Friday said it has raised Rs 300 crore ($40 million) in a funding round for capacity expansion, new products launch and to develop a pan-India network.

The Series A investment is led by Sixth Sense Ventures, along with Reliance New Energy, Xponentia Capital, Accurant International, USA and Momentum Venture Capital, Singapore, the Bengaluru-based company said.

Reliance Industries on Thursday had announced the acquisition of a stake in Altigreen Propulsion Labs Pvt Ltd for Rs 50.16 crore through its wholly-owned subsidiary Reliance New Energy.

”This 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,” said Amitabh Saran and Shalendra Gupta, Co-founders, Altigreen.

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 the company, they added.

”We are elated to have marquee investors and believers like Sixth Sense, Reliance, Xponentia and others,” the two Co-founders said.

The freshly raised capital will be utilized 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 the country, it added.

The company has already expanded its network across leading Indian markets including New Delhi, Mumbai, Pune, Bengaluru, Hyderabad, Kolkata and Chennai.

”We draw comfort with Altigreen’s primary focus on the three-wheeler 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 three-wheeler space,” said Nikhil Vora, Founder-CEO, Sixth Sense.

Altigreen’s vehicles are more practical, more economical, ecologically beneficial and truly Made in India, Xponentia Capital Managing Director, P R Srinivasan said, adding, ”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.”

Altigreen, in the past, has received investment from Ajay Sarupria, Jupiter Capital, Sterling Tools, Phi Capital and HiTech Gears among others.

This Series A fundraise was ably supported by boutique investment banking firm Four-S and Ostara Advisors, which is the country’s first electric mobility focused investment bank, as per the release.

Source : PTI
Anand Gupta Editor - EQ Int'l Media Network