Altigreen Propulsion Labs, a commercial electric vehicle (EV) manufacturer based in Bangalore, reported it raised Rs 3 billion in a Series A funding round one day after Reliance New Energy Limited (RNEL) announced an investment of Rs 501.6 million in the company.

The investment round was conducted by Reliance New Energy Limited, Sixth Sense Ventures, Xponetia Capital, Accurant International, and Momentum Venture Capital.

The funding would support Altigreen to boost its EV production, strengthen its nationwide presence, and launch new products.

It would also fast-paced EV adoption, accelerate research and development (R&D), and create a pan-Indian network to provide last-mile transportation solutions in India.

RNEL, the green energy venture of Reliance Industries Ltd, also signed an agreement with Altigreen Propulsion Labs for the subscription of 34,000 Series A compulsorily convertible preference shares of 100 each for Rs 501.6 million, which marks its entry into the EV ecosystem. Before March 2022, the transaction is expected to complete Reliance revealed that this investment lines up with its strategic plan to collaborate with innovative companies in new energy and new mobility ecosystems.

Altigreen manufactures electric two-wheelers, three-wheelers, and four-wheelers for the transportation sector.

Its current patent portfolio is spread across 60 countries, including 26 global patents, with vehicle controls, motor controls, EV transmissions, electric motors and generators, telematics and internet of things, and battery management.

Reliance Energy has also signed an agreement with Faradion, a sodium-ion battery technology provider, to acquire a 100% stake for $127.42 million.

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