Altigreen Propulsion Labs raises Rs 3 bn in Series A funding round
POWER & RENEWABLE ENERGY

Altigreen Propulsion Labs raises Rs 3 bn in Series A funding round

Altigreen Propulsion Labs, a commercial electric vehicle (EV) manufacturer based in Bangalore, reported it raised Rs 3 billion in a Series A funding round one day after Reliance New Energy Limited (RNEL) announced an investment of Rs 501.6 million in the company.

The investment round was conducted by Reliance New Energy Limited, Sixth Sense Ventures, Xponetia Capital, Accurant International, and Momentum Venture Capital.

The funding would support Altigreen to boost its EV production, strengthen its nationwide presence, and launch new products.

It would also fast-paced EV adoption, accelerate research and development (R&D), and create a pan-Indian network to provide last-mile transportation solutions in India.

RNEL, the green energy venture of Reliance Industries Ltd, also signed an agreement with Altigreen Propulsion Labs for the subscription of 34,000 Series A compulsorily convertible preference shares of 100 each for Rs 501.6 million, which marks its entry into the EV ecosystem. Before March 2022, the transaction is expected to complete Reliance revealed that this investment lines up with its strategic plan to collaborate with innovative companies in new energy and new mobility ecosystems.

Altigreen manufactures electric two-wheelers, three-wheelers, and four-wheelers for the transportation sector.

Its current patent portfolio is spread across 60 countries, including 26 global patents, with vehicle controls, motor controls, EV transmissions, electric motors and generators, telematics and internet of things, and battery management.

Reliance Energy has also signed an agreement with Faradion, a sodium-ion battery technology provider, to acquire a 100% stake for $127.42 million.

Image Source

Also read: Reliance Industries promises $80 billion for green projects in Gujarat

Altigreen Propulsion Labs, a commercial electric vehicle (EV) manufacturer based in Bangalore, reported it raised Rs 3 billion in a Series A funding round one day after Reliance New Energy Limited (RNEL) announced an investment of Rs 501.6 million in the company. The investment round was conducted by Reliance New Energy Limited, Sixth Sense Ventures, Xponetia Capital, Accurant International, and Momentum Venture Capital. The funding would support Altigreen to boost its EV production, strengthen its nationwide presence, and launch new products. It would also fast-paced EV adoption, accelerate research and development (R&D), and create a pan-Indian network to provide last-mile transportation solutions in India. RNEL, the green energy venture of Reliance Industries Ltd, also signed an agreement with Altigreen Propulsion Labs for the subscription of 34,000 Series A compulsorily convertible preference shares of 100 each for Rs 501.6 million, which marks its entry into the EV ecosystem. Before March 2022, the transaction is expected to complete Reliance revealed that this investment lines up with its strategic plan to collaborate with innovative companies in new energy and new mobility ecosystems. Altigreen manufactures electric two-wheelers, three-wheelers, and four-wheelers for the transportation sector. Its current patent portfolio is spread across 60 countries, including 26 global patents, with vehicle controls, motor controls, EV transmissions, electric motors and generators, telematics and internet of things, and battery management. Reliance Energy has also signed an agreement with Faradion, a sodium-ion battery technology provider, to acquire a 100% stake for $127.42 million. Image Source Also read: Reliance Industries promises $80 billion for green projects in Gujarat

Related Stories

Gold Stories

Next Story
Infrastructure Energy

Asian Energy Services Q1 FY27 PAT Rises 129 Per Cent

Asian Energy Services Limited reported a 129 per cent year-on-year rise in net profit to Rs 128 million for Q1 FY27, compared with the corresponding quarter last year.Revenue increased 135 per cent year-on-year to Rs 2.71 billion, supported by continued momentum across its services business, disciplined execution and contributions from domestic and international operations. EBITDA grew 81 per cent year-on-year during the quarter.As of June 30, 2026, the company’s standalone order book stood at Rs 17.54 billion, with around 60 per cent coming from oil and gas services and 40 per cent from min..

Next Story
Infrastructure Urban

BioBTX to Build First Commercial-Scale Circular Chemicals Plant

Dutch circular chemistry technology developer BioBTX is building what it says will be the world’s first commercial-scale plant to convert mixed plastic waste into high-quality aromatic chemicals using its proprietary Integrated Catalytic Cracking Process (ICCP) technology.The facility will be built at Chemical Park Delfzijl on the northern coast of the Netherlands and is expected to create 35 jobs. Covestro, which has been a shareholder and strategic partner of BioBTX since 2024, holds a mid-single-digit million-euro investment in the company.BioBTX’s ICCP technology uses catalytic pyrolys..

Next Story
Real Estate

Awfis Q1 FY27 PAT Jumps 140% as Revenue Rises 27%

Awfis Space Solutions reported a 140 per cent year-on-year rise in consolidated profit after tax (PAT) to Rs 240 million for Q1 FY27, compared with Rs 100 million in the corresponding quarter last year.Revenue from operations increased 27 per cent to Rs 4.25 billion from Rs 3.35 billion, while EBITDA rose 28 per cent to Rs 1.62 billion. EBITDA margin improved to 38.2 per cent from 37.8 per cent. Profit before tax increased 135 per cent to Rs 240 million.The company's co-working business recorded 27 per cent year-on-year growth, supported by demand from enterprises, Global Capability Centres (G..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement