Commercial EV co Altigreen eyes ₹1k cr in fresh fund-raise

NEW DELHI: Commercial electric vehicle (EV) maker Altigreen, backed by a clutch of investors including Reliance New Energy, is looking to raise Rs 1,000 The move comes as the compresence while launching new products. The Bengaluru-based company had raised Rs 300 crore from various entities in February this year. It is now looking at an aggressive fund-raise as demand forits electric three-wheelers picks up for last-mile transportation, company founder and CEO Amitabh Saran told TOI. “We want to expand across the country, while looking at expanding our product line beyond three-wheelers,” Saran said. He pointed to strong interest and demand fromcompanies such as Amazon, Flipkart, Coke, Big Basket, ITC, Pepsi and IFB. He said demand for electrics in three-wheeler cargo has been growing rapidly, especially as the charging network gets better, charging time reduces, and single-charge driving range goes up. “A diesel three-wheeler has a per-kilometre cost of Rs 4, which excludes maintenance costs. For our vehicles, this comes at only 80 paise per km, which goes up to around 92 paise if you add maintenance. The difference is as much as Rs 3 per km. ”

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