Altigreen – A Bengaluru based EV (Electric Vehicle) manufacturing company raised Rs 300 crore (approx $40 mIllion) as an investment in its series A round, from Sixth Sense ventures along with Reliance New Energy, Exponentia Capital, Accurant International – USA based and Momentum Venture capital – Singapore based.
The funds will be employed to amplify production capabilities, accelerate R&D, fast-paced EV adoption to develop a powerful Pan-India network and to offer last-mile transportation solutions in India.
Founder and CEO of Sixth Sense Philosophy Nikhil Vora said, “Altigreen fits perfectly well into the Sixth Sense philosophy of backing first-generation Founders, disrupting large categories for the consumers of tomorrow.”
“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 Managing partner of Exponentia Capital, Srinivasan.
Co-founders of Altigreen Dr Amitabh Saran and Shalendra Gupta stated, “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.” He further 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, Exponentia and others”.