Altigreen raises $40 million led by Sixth Sense Ventures


Commercial electric vehicle (EV) manufacturer Altigreen Propulsion Labs Pvt Ltd has raised around Rs 300 crore (approximately $40 million) in its Series A funding round led by led by Sixth Sense Ventures, along with Mukesh Ambani-led Reliance Industries unit and other equity investors.

The funding, participated by Reliance New Energy (a wholly-owned subsidiary of Reliance Industries Limited), Xponentia Capital, Accurant International, USA and Momentum Venture Capital, Singapore, is to boost its EV manufacturing, launch new products including LCVs and strengthen its countrywide presence, the company said in a statement.

A day prior, Reliance Industries Ltd had announced an investment of Rs 50.16 crore in the eight-year old Bengaluru-based EV manufacturer.

"Reliance New Energy Ltd (RNEL), a wholly-owned subsidiary of the company, has entered into an agreement with Altigreen for the subscription of 34,000 Series-A Compulsorily Convertible Preference Shares of face value Rs 100 each for an aggregate consideration of Rs 50.16 crore," Reliance Industries Ltd had said in a stock exchange filing on Thursday. 

The fresh funds will be used to ramp up production capabilities, accelerate research and development, fast-paced EV adoption and develop a pan-India network, the statement added.  

Nikhil Vora, Founder and CEO of Sixth Sense said, “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). This coupled with a strong product first approach and a credible team, Altigreen is well-positioned to emerge as one of the leading players in the 3W EV space.”

“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,” said PR Srinivasan, Managing Partner, Xponentia Capital.

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