Altigreen to raise Rs 980 crore for expansion plans

Altigreen, the Bengaluru-based tech-savvy manufacturer of electric three-wheelers for last-mile connectivity users, has bigger plans beyond cargo EV three-wheelers.

At the launch of its first retail outlet partnered with multi-brand automotive retail chain Jubilant MotorWorks, a unit of the Jubilant Group in Maharashtra, Amitabh Saran, co-founder and chief executive officer of Altigreen said: “We will look to tap into the various segments within electric vehicles and passenger three-wheelers are also under consideration. Besides, we will keep adding more wheels in the future."

Obviously, this will need expansion and appropriate capabilities. Altigreen is looking to raise $120 million (Rs 986 crore) from new and existing investors for its expansion plans and add a credit layer to its offerings.

On the back of strong sales and increased retail footprint, Altigreen is optimistic that it can cross Rs250 crore in revenues in the current financial year. “We have plans to set up 40 dealerships across the country and will continue to expand our footprint," said Saran.

On the vehicle finance side, Altigreen is in talks with several non-banking financial institutions. “Financing a diesel CV is easy,” Saran says. “Most of the owners of last mile delivery vehicles usually take out loans from banks or financial institutions for purchase of vehicles. These customers are beginning to realise the benefits of electric commercial vehicles and hence the finance aspect is important for them,” Saran adds.   

ALSO READ: 
Indian automakers sell nearly 11 million vehicles in first-half FY2022