Altigreen talking to investors for fresh round of funding

CHENNAI: Electric commercial vehicle startup Altigreen Propulsion Labs is looking to raise Rs 300 crore to Rs 500 crore in its next round of funding for which final negotiations are currently under way.
The Bengaluru-based company — which had earlier raised Rs 300 crore ($40.1 million) in a Series A funding round led by Sixth Sense Ventures with participation from Reliance New Energy in February 2022 — is looking to tie up this next round by the end of this quarter.
So far, Altigreen has raised a total funding of nearly $49 million over 10 rounds.
Amitabh Saran, founder & CEO, Altigreen Propulsion Labs, said, “We are focussing on electric commercial vehicles with multiple variants of three-wheelers. We are focusing on platforms that are two tonne to four tonne payload which includes light commercial cargo vehicles as well as mini and school buses. We are working on a small passenger vehicle and a couple of cargo platforms. By the end of this financial year, we will launch our passenger commercial vehicle.”
The new round of fund raise will come on the heels of a focus on profitability for the company. Along with the current range of products, Altigreen is also looking at getting into four-wheel vehicles.
“We’re creating a concept note and looking at both cargo and passenger commercial vehicles,” said Saran. “We are a few years away from productionising the concept,” he added.
The company will be seeding a few export markets this year and start exporting in real earnest next financial year, he said.
“The electric penetration in three-wheeler cargo space is around 23% to 24% for the industry and we already have around 12% to 14% share of that segment,” he said.
Altigreen, which currently has around 5,000 units on Indian roads and sold 2,900 vehicles in FY24, is also looking to expand its dealer network from 30 outlets to around 60.