In February 2022, the company raised 'Series A' funding of Rs 300 crore from Sixth Sense Ventures, Exponentia, Singapore Metro and Reliance Energy
Altigreen Propulsion Labs, which manufactures electric three-wheelers for the cargo segment, is in talks with several private-equity (PE) players to raise the second round of funding in the last quarter of the current financial year, an official of the company said on Thursday.
In February 2022, the company raised 'Series A' funding of Rs 300 crore from Sixth Sense Ventures, Exponentia, Singapore Metro and Reliance Energy, the proceeds of which had been expended for setting up a manufacturing facility at Malur near Bengaluru, Altigreen director (sales and marketing) Debashis Mitra said.,
"We are in talks with several PE players, both foreign and domestic, to raise the second round of funding (Series B) in the last quarter of the current financial year. The money will be spent on product development, for building up scale, marketing, investments in the supply chain and to develop export markets", Mitra said.
Starting operations in 2019 as a bootstrap start-up, the company's production facility now has a capacity to manufacture 55,000 units per year. Altigreen sells around 350 electric cargo three-wheeler vehicles having a payload of 550 kilograms per month.
Mitra said the company also plans to launch electric three-wheeler passenger vehicles for semi-rural segments across several states of the country.
In the organised electric cargo vehicle category, Altrigreen has a market share of 15 per cent to 16 per cent with 32 dealers.
The target is to raise the market share to 20 per cent during the next financial year, he said.
The electric cargo vehicle penetration in the country is rising fast. By 2025, almost 50 per cent to 60 per cent of the vehicles in the cargo segment category will be electric, Mitra said.
Altigreen is looking at the export markets of South East Asia, Africa and South America.
The company is expecting a 400 per cent jump in revenue to Rs 400 crore in the current financial year, he said.
Mitra said that the company manufactures electric motors and batteries at its plant near Bengaluru.