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

14 Feb 2022 CW Team

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

Infrastructure Urban

30 May 2026

Panasonic Showcases Connected Display Solutions

Panasonic Life Solutions India showcased its integrated display, projection, broadcast and communication technologies at Panasonic Tech Summit 2026 in New Delhi. Hosted through its System Solutions Division, the two-day event highlighted connected technology solutions for education, healthcare, retail, transportation, corporate offices and entertainment.The summit, themed ‘Turning Technology into Value’, featured experience-led zones covering QSR, retail, transit, corporate offices, healthcare, education, security, projection, home theatre and professional displays. Panasonic also introduc..

Kapsch to Deliver India’s First C-ITS Project

"Kapsch TrafficCom will deliver India’s first Cooperative Intelligent Transport Systems project on a key expressway near New Delhi. The project will be implemented with Superwave Communication And Infrasolution Limited to demonstrate how connected mobility can improve road safety and traffic efficiency.The pilot will use real-time connectivity and AI-enabled situational awareness to support road users, especially in high-risk areas such as temporary work zones. Drivers will receive alerts on roadworks, maintenance vehicles, hazardous locations, traffic queues and temporary virtual signage di..

Eurobond Net Profit Rises 44 Per Cent

Euro Panel Products, the parent company of Eurobond, reported a 44.13 per cent year-on-year rise in net profit for FY25–26. The company’s revenue from operations grew 18.91 per cent to Rs 503.20 crore, compared to Rs 423.18 crore in the previous financial year.The company’s full-year EBITDA stood at Rs 56.67 crore, marking a 31.82 per cent increase. Profit after tax rose to Rs 26.56 crore, while net worth increased 20.15 per cent to Rs 160.07 crore. Earnings per share for the year stood at Rs 10.84.Divyam Rajesh Shah, Whole Time Director and CFO, Euro Panel Products, said the company’s..