Altigreen funding, investors and company details

Altigreen is an emerging Automobile - EV startup from Bengaluru, working in the space of EV manufacturer specializing in commercial electric three-wheelers. Founded by Amitabh Saran, Lasse Mocklegaard, Shailendra Gupta, John Bangura.

Company: Altigreen Propulsion Labs Private Limited
Sector: Automobile - EV
Location: Bengaluru
Founders: Amitabh Saran, Lasse Mocklegaard, Shailendra Gupta, John Bangura
Total funding raised: ₹300 Cr

Company overview

Altigreen Propulsion Labs Private Limited is a Bengaluru-based EV manufacturer specializing in commercial electric three-wheelers for last-mile transportation.Founded in 2013, Altigreen develops indigenous EV drivetrains and full vehicles (cargo/passenger models like neEV Bhai, Rahi, Tez) designed for Indian roads, with 93% local value-add and 5,000+ units on-road across 120+ cities. Backed by Reliance (₹300 Cr Series A, 2022), it operates a 3-lakh sqft plant in Malur, Karnataka, with 20 dealerships but halted manufacturing in 2025 amid challenges.Altigreen aims to electrify last-mile logistics via cost-competitive, high-performance EVs that reduce emissions and fuel costs—targeting a $6B market through engineering-first solutions, B2B e-commerce/FMCG sales, and expansion into fast-charging models and emerging markets.

Funding rounds

Latest round (Series A): ₹300.00 Cr. ($ 39.74 Mn), 2022-02-11. Investors: Sixth Sense Ventures, Xponentia Capital, Accurant International, USA and Momentum Venture Capital