Thursday, November 24, 2022

Altigreen, a commercial EV company, is looking to raise $1 billion in new funds

Commercial EV co Altigreen eyes ₹1k cr in fresh fund-raise

 NEW DELHI: Commercial electric vehicle (EV) maker Altigreen, backed by a grip of investors including Reliance New Energy, is looking to raise Rs 1,000 The move comes as the compresence while launching new items.

The Bengaluru-based company had raised Rs 300 crore from various substances in February this year. It is presently looking at an aggressive gather pledges as demand forits electric three-wheelers gets for last-mile transportation, company pioneer and President Amitabh Saran told TOI. "We want to expand across the country, while looking at expanding our product offering beyond three-wheelers," Saran said.

He pointed to strong interest and demand fromcompanies like Amazon, Flipkart, Coke, Large Basket, ITC, Pepsi and IFB. He said demand for electrics in three-wheeler cargo has been growing rapidly, especially as the charging network improves, charging time reduces, and single-charge driving range goes up.

"A diesel three-wheeler has a for every kilometer cost of Rs 4, which rejects maintenance costs. For our vehicles, this comes at only 80 paise per km, which goes up to around 92 paise assuming you add maintenance. The thing that matters is as much as Rs 3 for every km. "

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