Altigreen Propulsion Labs, an electric vehicle (EV) company, plans to raise $120 million from new and existing investors in order to enter the passenger segment next year and add a credit layer to its offering, according to a top executive.
In February, with the backing from the investors including, Sixth Sense Ventures, Xponentia Capital and Reliance New Energy the company raised about Rs 300 Cr.
Amitabh Saran, Co-founder and Chief Executive Officer, Altigreen, said, “We will look to tap into the various segments within EV. Starting with passenger three wheelers. We will keep adding more wheels going forward.”
“We will raise around Rs 800-1000 crore next financial year to enter new segments and also start offering credit to its customers,” Saran said on the sidelines of the launch of its first showroom in Western India in Thane, Maharashtra. “We have a lot of inbound interest. The new round will be from new set of investors,” he added.
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