India’s leading commercial EV 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. The 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 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 India.
The 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. Speaking on the occasion, Nikhil Vora, Founder & CEO of Sixth Sensesaid, “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.”
“We 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. “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. 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 & Shalendra Gupta, Co-founders of Altigreen.
