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

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

The Bengaluru-based company had raised Rs 300 crore from various entities in February this year. It is now looking at an aggressive fund-raise as demand forits electric three-wheelers picks up for last-mile transportation, company founder and CEO Amitabh Saran told TOI. “We want to expand across the country, while looking at expanding our product line beyond three-wheelers,” Saran said.

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