EV maker Altigreen raises Rs.300-Cr from Sixth Sense Ventures, RIL, others

Bengaluru-based electric commercial vehicle manufacturer Altigreen has raised INR 300 crore ($ 40 million) in a fresh funding round led by Sixth Sense Ventures and participation from Reliance New Energy (a wholly-owned subsidiary of Reliance Industries Limited which contributed INR 50.16 Cr); Xponentia Capital; Accurant International, USA; and Momentum Venture Capital, Singapore. This Series A fund raise was supported by boutique investment banking firm Four-S and Ostara Advisors, India's first Electric Mobility focused investment bank. The company will utilise the resources to boost manufacturing capacity, launch new products including light commercial vehicles and strengthen the company's presence across the country. Altigreen is an electric vehicle technology and solutions company for commercial last mile transportation through 2/3/4 wheeled vehicles. Its current patent portfolio spans 60 countries with 26 global patents. The turnover of Altigreen for FY21 was INR 1.04 Cr. Prior to this round, Altigreen had raised INR 56 crore from Ajay Sarupria, Jupiter Capital, Sterling Tools, Phi Capital and HiTech Gears among others.