Indian EV maker Altigreen Secures Rs 300 cr in Series A Round

Indian EV maker Altigreen has raised around Rs 300 crore (approx. US$ 40 Million) as investment in its Series A round, to boost its manufacturing, launch new products including LCVs, and strengthen its countrywide presence.

The funds will be utilized to ramp up production capabilities, accelerate R&D, facilitate fast-paced EV adoption and develop a robust Pan-India network to offer the best and cleanest last-mile transportation solutions in the country, the company said in a press release.

The investment was 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.

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),” he added.

Founded in 2013, Altigreen has expanded its EV network across major cities such as New Delhi, Mumbai, Pune, Bengaluru, Hyderabad, Kolkata and Chennai. 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, states the company.  In the past, the company has received investment from Ajay Sarupria, Jupiter Capital, Sterling Tools, Phi Capital and HiTech Gears among others.

“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.

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