Altigreen, an electric vehicle manufacturer, announced on Friday that it has raised $39.8 million in a Series A round of funding to expand its EV manufacturing, launch new products such as LCVs, and increase its national footprint.
Altigreen, a provider of electric vehicle technology and solutions for commercial last-mile transportation via two, three, and four-wheeled vehicles, was founded in 2013.
It claims to have a presence in 60 countries and 26 global patents, and has developed an in-house vehicle in Bangaluru. Altigreen had a turnover of INR 193.53 lakh in FY19, INR 61.62 lakh in FY20, and INR 103.82 lakh in FY21, according to regulatory filings.
“This is the most opportune time to invest our efforts in boosting EV manufacturing to cater to the rising aspirations and demands of the customers,” said Amitabh Saran and Shalendra Gupta, co-founders of Altigreen Propulsion Labs.