Altigreen, one of India’s leading commercial EV manufacturers has raised ~INR 300 crore (approx. US$ 40 Million) investment in its Series A round, from Sixth Sense Ventures, along with Reliance New Energy, Xponentia Capital, Accurant International, USA, and Momentum Venture Capital, Singapore.
Altigreen will use the funding to boost its EV manufacturing, launch new products including LCVs and strengthen its countrywide presence. The company 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 last-mile transportation solutions in India.
Speaking 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).”
He added, “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 the 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.
Dr Amitabh Saran & Shalendra Gupta, Co-founders of Altigreen, said, “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.”
They added, “The deeper e-commerce penetration and growth in last-mile delivery have catapulted the demand for commercial, road-ready EVs and this year will be a transformative year for us. Elated to have marquee investors and believers like Sixth Sense, Reliance, Xponentia and others.”
from The Financial Express https://ift.tt/1uAWaDs
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