Altigreen to raise Rs 980 crore for expansion plans

Foray into four-wheeler segment is being looked at, says the three-wheeler commercial EV maker.

Autocar Pro News Desk By Autocar Pro News Desk calendar 19 Oct 2022 Views icon6909 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp

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

 

Tags: Altigreen
RELATED ARTICLES
CNH Industrial inaugurates new cyber defence lab at its India Tech Centre

auther Autocar Pro News Desk calendar30 Sep 2023

The new laboratory employs certified ethical hackers, and forensics investigators to deal with malware, and phishing att...

Toyota Kirloskar Motor to double technical training student capacity to 1,200 from 2024

auther Autocar Pro News Desk calendar29 Sep 2023

The Japanese carmaker’s Indian technical training school is undergoing expansion to accommodate more students; it also p...

CNH Industrial announces winner of its Industrial Design Program at UPES Dehradun

auther Autocar Pro News Desk calendar27 Sep 2023

The 10-week program provided UPES students with practical knowledge and hands-on experience in the design and developmen...