Reliance Industries and 4 other venture capitals have agreed to invest Rs 300 crores in Altigreen, a Bengaluru-based startup. Altigreen is a commercial electric vehicle manufacturer that makes affordable and economic electric vehicles. The startup was established in 2013 and it has other products such as electric motors, generators, vehicle controls, transmissions and battery management. Its flagship vehicle is a three wheeler that runs upto 150 kms on a single charge. The company posted a turnover of Rs 1 crore for FY21.
RIL will make the investment through its subsidiary called Reliance New Energy Limited (RNEL) where it will invest Rs 50 crores to subscribe to 34,000 Series A compulsorily convertible preference shares of Rs 100 each by March. The other investors are Sixth Sense Ventures, Xponentia Capital, Accurant International and Momentum Venture Capital. This investment is another step in RIL’s plans to invest in renewable energy. The company has made several such investments in the last few months such as investment in 3 solar tech companies, investment in Ambri, an American energy storage company, its acquisition of Faradion, a sodium-ion battery tech firm in the UK & its JV with BP to set up charging stations for EVs.
The investment is set to boost the company’s R&D and its manufacturing capabilities as the company plans to have 3-5 vehicles in its portfolio by next year and aims to produce 40,000 vehicles annually.
Highlight by Aman Agarwal.