EV Manufacturer Altigreen raises INR 300 crore led by Sixth Sense Ventures & Others
Altigreen, an electric commercial vehicle manufacturer, has raised Rs 300 crore ($ 40 million) in a new funding round led by Sixth Sense Ventures, with participation from Reliance New Energy (a wholly-owned subsidiary of Reliance Industries Limited), Xponentia Capital, Accurant International in the United States, and Momentum Venture Capital in Singapore.
According to Altigreen, this is the largest VC funding round in the last mile transportation industry at this time. The funds will be used to increase manufacturing capacity, introduce new products, such as light commercial vehicles, and expand the company's footprint across the country.
"If you look at the last mile delivery segment, the criteria are most matched to what electric cars have to provide," Amitabh Saran, cofounder of Altigreen, stated.
Altigreen currently sells a cargo three-wheeler on the road in a dozen cities.
In the following 15 months, the company hopes to develop its national footprint and establish points of sale in 60 locations. These would be dispersed throughout metro areas as well as Tier I and II villages and cities. In the following six months, the company plans to raise manufacturing capacity at its Bengaluru (Karnataka) facility to 40,000 units per year.
In terms of products, the company aims to have 3-5 vehicles in its lineup within the next 2-3 years.
"A good part of the investment will be in R&D. We have on-board investors who are also bringing their expertise to the table. For one, Reliance New Energy is investing heavily in non li-ion batteries and we get access to those technologies", says Saran.
Commenting on the investment, Nikhil Vora, Founder & CEO of Sixth Sense commented, “Altigreen fits perfectly well into the Sixth Sense philosophy of backing first-generation founders, disrupting large categories ($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).”
According to Altigreen, this is the largest VC funding round in the last mile transportation industry at this time. The funds will be used to increase manufacturing capacity, introduce new products, such as light commercial vehicles, and expand the company's footprint across the country.
"If you look at the last mile delivery segment, the criteria are most matched to what electric cars have to provide," Amitabh Saran, cofounder of Altigreen, stated.
Altigreen currently sells a cargo three-wheeler on the road in a dozen cities.
In the following 15 months, the company hopes to develop its national footprint and establish points of sale in 60 locations. These would be dispersed throughout metro areas as well as Tier I and II villages and cities. In the following six months, the company plans to raise manufacturing capacity at its Bengaluru (Karnataka) facility to 40,000 units per year.
In terms of products, the company aims to have 3-5 vehicles in its lineup within the next 2-3 years.
"A good part of the investment will be in R&D. We have on-board investors who are also bringing their expertise to the table. For one, Reliance New Energy is investing heavily in non li-ion batteries and we get access to those technologies", says Saran.
Commenting on the investment, Nikhil Vora, Founder & CEO of Sixth Sense commented, “Altigreen fits perfectly well into the Sixth Sense philosophy of backing first-generation founders, disrupting large categories ($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).”
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