Altigreen to foray into passenger space next year, raise $120m: CEO


Electric vehicle company Altigreen Propulsion Labs Pvt Ltd will seek to raise $120 million from new and existing investors to enter the passenger segment next year and also add a layer of credit to its offering, a senior said. leader.

“We will look to tap into the different segments of EV. Starting with three-wheeled passengers. We will continue to add more wheels in the future,” said Amitabh Saran, co-founder and CEO of Altigreen.

The Reliance Group-backed company raised Rs 300 crore in February this year from investors including Sixth Sense Ventures, Xponentia Capital and Reliance New Energy, among others.

“We will raise around Rs 800-1000 crore in the next financial year to enter new segments and also start offering credits to its customers,” Saran said on the sidelines of the launch of its first showroom in the west. from India to Thane, Maharashtra. “We have a lot of incoming interest. The new round will come from a new set of investors,” he added.

Founded in 2013 by Saran, Shalendra Gupta and Lasse Mocklegaard, Altigreen designs, designs and produces electric vehicles for the last mile transport segment. Based in Bangalore and with regional footprints across India, the company is looking to close the current financial year at Rs 250 crore plus revenue.

“We plan to create 40 dealerships across the country. We will continue to expand our footprint,” Saran added.

The company sells in over 60 countries and has 26 patents to its name.

Saran has set a goal of selling around 40,000 vehicles each year and says profitability is a matter of choice for the company. “Right now, we’re focused on addressing the total market and deepening our offerings,” he said.

The company will seek to offer loans and credits to its customers, mainly drivers of small vans, he added.

“We are also looking to expand into emerging markets where we believe the demand and market needs are consistent. Markets such as Southeast Asia, Africa and South America, Saran said.

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