EV manufacturer Altigreen has raised $39.8 million investment in its Series A round to boost its EV manufacturing to launch new products including LCVs and strengthen its countrywide presence.
The investment was led by Sixth Sense Ventures, along with Reliance New Energy, Xponentia Capital, Accurant International, US, and Momentum Venture Capital, Singapore. Reliance New Energy, a wholly-owned subsidiary of Reliance Industries Limited invested $6.66 million into the startup, said the listed company in an exchange filing yesterday.
This Series A fundraise was supported by boutique investment banking firm Four-S and Ostara Advisors, India’s first electric mobility-focused investment bank.
Altigreen plans to use the funding to ramp up its production capabilities, accelerate R&D, fast-paced EV adoption, and more.