cKers Finance to provide debt finance to Altigreen to deploy electric three-wheelers in India

by Autocar Pro News Desk , 16 Apr 2021

cKers Finance, an NBFC focused on financing sustainability and clean energy projects in India has announced a debt financing tie-up with Altigreen, an electric vehicle company.

As part of the understanding, cKers has set-up an initial line of Rs 3 crore for Altigreen. This facility will be used by Altigreen for working capital to manufacture the EV components and its cargo L5 electric three-wheeler.

The company says while India is still in a nascent stage of EV adoption, the last-mile transportation has started to witness some tangible take-off in the electric two- and three-wheeler markets. Lately some of the forward-looking business houses and e-commerce platforms have started to replace their ICE fleets with EVs in their supply chain.

Altigreen’s vehicles are built around its own, indigenously developed technology including induction motors, clutch-less EV gearboxes and transmissions, power electronics, vehicle controls, digital interactive display clusters and IoT, with a cloud-based control centre. Each of these has been designed tested and certified in India, resulting in a 100% Made in India product.

cKers aims to take a leading position in financing clean energy and clean mobility.

Speaking about the facility, Jayant Prasad, executive director, cKers Finance said, “Within the e-mobility sector, we are partnering with companies that are able to showcase a strong business model, proven unit level economics and track record in raising institutional equity. Our understanding and research about the developments in the EV ecosystem enable us to confidently foray into the new upcoming segments. Altigreen meets all these criteria, the founding and leadership team of the Company is just as passionate as us to make carbon-free transportation not just exciting and economical, but accessible to all.”

Shalendra Gupta, co-founder, Altigreen Propulsion Labs said, “We are excited to partner with cKers to accelerate the adoption of electric three-wheelers in India. Altigreen plans to enable the ecosystem for zero emission vehicles, through differentiated end-customer mobility experience. EV manufacturing requires significant investment of working capital by the OEM. Financing of vehicles for institutional buyers and smaller E-commerce delivery fleets is also an important enabler. cKers helps Altigreen in bridging both these gaps without which the growth of EVs in India and the Emerging Markets would remain inadequate.”     

Deepak Gupta, business development head, cKers said “Faster adoption of EVs in India is very likely in the commercial use segment where the TCO (Total Cost of Ownership) advantage of EVs is greater due to higher number of daily kms run. The gap of indigenous OEMs developing EVs suitable for Indian commercial use case is aptly filled by Altigreen for the electric three-wheeler segment now and will help in the push towards adoption of cleaner mode of transport on Indian roads.”

Also read: Cogos partners Altigreen to deploy 1,000 EVs in its fleet

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