Electric Vehicle company Altigreen Propulsion Labs Pvt Ltd will look at raising $120 million from new and existing investors for entering passenger segment next year and also adding credit layer to its offering, a top executive 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,” said Amitabh Saran, cofounder and chief executive, Altigreen.
The company that is backed by Reliance Group raised Rs 300 crore in February this year from investors such as Sixth Sense Ventures, Xponentia Capital and Reliance New Energy among others.
“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.
Founded in 2013, by Saran, Shalendra Gupta and Lasse Mocklegaard, Altigreen designs, engineers and produces electric vehicles for the last mile transportation segment. Headquartered in Bangalore, and with regional footprints across India, the company is looking to close the current financial year at Rs 250 crore plus in revenues.
“We have plans to set up 40 dealerships across the country. We will continue to expand our footprint,” Saran added.
The company sells in over 60 countries and has 26 patents to its credit.
Saran has set a target of selling around 40,000 vehicles each year and says profitability is a matter of choice for the company. “For now, we are focusing on addressing the total market and deepening our offerings,” he said.
The company will look to offer loans and credit to its customers, primarily small pick-up vehicle drivers, he added.
“We are also looking to expand in emerging markets where we feel the market demand and needs are homogenous. Markets such as South East Asia, Africa and South America, Saran said.