Altigreen, a Bangalore-based EV manufacturer, has raised $39.8 million in its Series A round to boost its EV manufacturing to launch new products, including LCVs and strengthen its countrywide presence.

The funding round was led by Sixth Sense Ventures, along with Reliance New Energy, Xponentia Capital, Accurant International, US, and Momentum Venture Capital, Singapore. Reliance New Energy, a wholly-owned subsidiary of Reliance Industries Limited, invested $6.66 million into the startup.

As per the startup, the raised funds will be used 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.

Altigreen Propulsion Labs | Road-ready Last-mile EV Solutions

Founded by Amitabh Saran and Shalendra Gupta in 2013, Altigreen Propulsion Labs is a Bangalore-based EV startup that offers road-ready last-mile EV solutions that are Made in India, Made for India.

The startup has sold close to 200 vehicles. Its patent portfolio spans over 60 countries, with close to 26 patents granted, including 6 in the US. Global awards received by Altigreen include those from Worldwide Fund for Nature, Niti Aayog, ARAI, Economic Times, Elecrama, IoTNext, IDTechEx and more.

Speaking about the development, Amitabh Saran and Shalendra Gupta, co-founders of Altigreen Propulsion Labs, 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 founders added that the future of India’s automobile industry is electric, and the startup has already laid out a roadmap to achieve fast-EV adoption, mainly in the commercial segment. Offering both EV drivetrains and full vehicle assembly to OEMs, Altigreen Propulsion Labs has a network across New Delhi, Kolkata, Mumbai, Pune, Hyderabad, Bengaluru, and Chennai.

As per a report by Avendus Capital, electric vehicles (EVs) in India could represent an $8 billion opportunity by 2025.

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