+
 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 Urban

KONE Opens India's First Digital Experience Centre in Pune

KONE, a global elevator and escalator manufacturer, has inaugurated its first Digital Experience Centre (DEC) in India, located in Pune. The facility aims to showcase how artificial intelligence (AI), connectivity and data-driven technologies can enhance customer experiences and improve building operations.The centre was inaugurated by Jussi Herlin, Executive Vice Chair, KONE Corporation; Philippe Delorme, President and CEO, KONE; and Nandan Nilekani, Co-founder and Chairman of the Board, Infosys.Designed as an interactive customer environment, the facility demonstrates digital solutions cover..

Next Story
Infrastructure Urban

CII GreenCo Launches Circularity Guidelines for Indian Industry

The Confederation of Indian Industry (CII) GreenCo Council has launched the CII GreenCo Circularity Guidelines – Pilot Version at the 17th CII GreenCo Waste & Resource Management Summit 2026 in Chennai. The initiative aims to strengthen resource efficiency, waste reduction and circular economy practices across Indian manufacturing and process industries.The guidelines introduce a structured framework with circularity indices covering raw materials, consumables, packaging and other resource inputs. These indicators will help industries assess existing practices, identify opportunities to ..

Next Story
Infrastructure Energy

Global Electronics Association Launches IPC-1783-CO2E Standard

The Global Electronics Association has introduced IPC-1783-CO2E, a new international standard aimed at improving consistency, transparency and comparability in product carbon footprint reporting across the electronics manufacturing industry.The standard, titled International Standard for Data Collection and Reporting of CO2 Equivalent (CO2e) Emissions for the Electronics Manufacturing Supply Chain, provides industry-specific guidance for collecting, estimating and reporting carbon emissions data.With increasing regulatory requirements and customer expectations, electronics manufacturers face c..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code