# Altigreen Propulsion Labs Pvt.

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/altigreen-propulsion-labs-pvt

- Industry: Automobiles, Other Vehicles & Parts
- Headquarters: Bangalore, India
- Website: www.altigreen.com
- Total disclosed funding: $39M
- Latest round: Series A (Feb 18, 2022)
- Investors on record: 9

## About

Altigreen Propulsion Labs Pvt. Ltd. is an innovative manufacturer of electric three-wheeler vehicles, focused on sustainable transportation solutions for last-mile delivery and passenger transport in India.Founded in 2013 in Bangalore, India, Altigreen Propulsion Labs Pvt. Ltd. specializes in electric three-wheeler vehicles. The firm has successfully completed 11 funding deals, with its latest funding round being a Series A that raised INR 501.6 mn from investors including Accurant International and Reliance Industries Limited. The company was co-founded by Amitabh Saran, who has a history of entrepreneurship in the electric vehicle sector.Altigreen specializes in the manufacturing of electric three-wheeler vehicles tailored for the last-mile transportation sector. Their core product offerings include the neEV Low Deck and High Deck models, designed for efficient intra- and inter-city cargo transport, and the neEV Rahi, a five-seater passenger electric three-wheeler. These vehicles are engineered to operate effectively in the Indian environment, addressing challenges such as pollution and high fuel costs. Altigreen’s products cater to a diverse customer base, including logistics companies, delivery services, and individual consumers looking for sustainable transportation solutions. The vehicles are available in major cities across India, including Delhi, Mumbai, Bangalore, and Pune, among others, thereby expanding their reach to metropolitan and semi-urban markets.Altigreen generates revenue through direct sales of its electric three-wheeler vehicles to individual consumers and businesses in various sectors. The transactions typically involve customers purchasing vehicles outright, with financing options available to enhance affordability. The pricing structure reflects the emphasis on sustainability and operational efficiency, with flagship models like the neEV High Deck cargo vehicle offering competitive operating costs of INR 0.92 per kilometer. This pricing strategy is designed to attract both B2B clients seeking to upgrade their fleets and direct consumers looking for cost-effective and eco-friendly transportation solutions. The company’s various financing options, including retail finance and leasing arrangements, further facilitate transactions, enabling a broader market penetration while addressing the financial needs of different customer segments. In 2023, Altigreen reported a revenue of INR 11,872,149.50 with an EBITDA of INR -8,907,196.Altigreen Propulsion Labs Pvt. Ltd. aims to enhance its product portfolio with new electric vehicle models designed for urban environments, targeting a launch within the next year. The company also plans to expand its market presence into additional metropolitan areas across India by 2024. The recent funding round of INR 501.6 mn will support these initiatives, focusing on product development and market expansion efforts.

## Funding rounds

- Series A, Feb 18, 2022, $39M — Balkrishna Industries, Sixth Sense Ventures, Momentum Venture Capital, Xponentia Capital Partners, Reliance Industries Limited, Accurant International, MGA Ventures, Mirabilis Investment Trust, VALAR CAPITAL ADVISORY LLP

## Investors

- Balkrishna Industries — Series A
- Sixth Sense Ventures (https://capitalatlas.ai/funds/sixth-sense-ventures) — Series A
- Momentum Venture Capital — Series A
- Xponentia Capital Partners (https://capitalatlas.ai/funds/xponentia-capital-partners) — Series A
- Reliance Industries Limited — Series A
- Accurant International (https://capitalatlas.ai/funds/accurant-international) — Series A
- MGA Ventures — Series A
- Mirabilis Investment Trust — Series A
- VALAR CAPITAL ADVISORY LLP — Series A