Reliance Industries Ltd (RIL) arm Reliance New Energy Ltd along with Sixth Sense Ventures has invested $40 million in EV manufacturer Altigreen. This investment is in line with Reliance’s strategic intent of collaborating with innovative companies in new energy and new mobility ecosystem.
The Series A round also saw participation from Xponentia Capital, Accurant International, USA and Momentum Venture Capital, Singapore.
The funds will be used to launch new products including Light Commercial Vehicles (LCVs), ramp up production capabilities, accelerate R&D, fast-paced EV adoption and develop a robust pan-India network to offer the cleanest last-mile transportation solutions in India, the startup said in a statement.
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"Altigreen fits perfectly well into the Sixth Sense philosophy of backing first-generation Founders, disrupting large categories ($7 billion+ of last-mile logistics opportunity) for the consumer of tomorrow (EVs emerging as the future of mobility). Further, we draw comfort with Altigreen’s primary focus on the 3W segment within the EV space – which fundamentally is less cluttered and under-penetrated, as well as benefits multiple stakeholders in the value chain (from e-commerce players to consumers)," said Nikhil Vora, founder and CEO of Sixth Sense.
Altigreen has developed an E3 vehicle and its vehicles are built in-house on a 100 percent indigenous mobility platform. It currently has a presence in 60 countries with 26 global Patents.
This investment comes after, the Central government in Union Budget 2022 announced that it is planning to come out with a battery swapping policy with inter-operability standards for Electric Vehicles (EVs) and also stated that the government will be developing special mobility zones for electric vehicles.
Niti Ayog's Amitabh Kant had also told CNBC-TV18 that the Union Budget 2022 looks at sunrise sectors of growth. “India needs to go green and that is what this Budget pitches for. It pushes for urbanisation, clean electricity, clean mobilization."
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(Edited by : Jomy Jos Pullokaran)
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