Altigreen launches its first 3-wheeler showroom in Bengaluru, expects to build 30 more by the end of March

• ByStartupStory     |    September 21, 2022

Altigreen, a commercial EV startup backed by venture capital, unveiled its first 4,000-square-foot showroom and experience centre for its business three-wheelers in Bengaluru on Tuesday in cooperation with Magnum Ventures.

The IT/BT Minister of Karnataka, CN Ashwath Narayan, inaugurated the store, which would also be responsible for maintaining, selling components, and billing. According to projections cited by the minister, the EV industry would be worth Rs 475 billion by 2025, as people’s concern for the environment has increased their interest in electric cars.

The decade-old company based in Bengaluru, has a sophisticated manufacturing plant in Malur, Kolar district, with a monthly production capacity of 4,500 automobiles.

Amitabh Saran, the business’s founder and chief executive officer, told ET that the company intends to increase production capacity by developing assembly facilities around the nation, either on its own or with local partners for contract manufacturing. “We have built everything from scratch here in Karnataka, with 26 global patents and with 93% domestic value-add,” Saran said. The company, he added, plans to have 30 dealers all over the country by March end. Each vehicle carries an all-inclusive on-road price of Rs 4.4 lakh.

The increasing cases of fatalities due to air pollution in India drove Saran to return to India from the US and build up an EV firm, Magnum Ventures founder MP Shyam informed.

Altigreen’s commercial 3-wheeler recently covered 150 plus kilometres on an inter-city travel between Mysore Palace and Bangalore Palace on a single charge in roughly six hours, a company release stated. The three-wheeler takes around 15 minutes to completely charge, with which it can go 160 kilometres, he said, adding that it costs just about 90 paise per kilometre compared to about Rs 4 per kilometre for normal commercial three-wheelers.

The business had, secured Rs 300 crore ($ 40 million) in a new fundraising round headed by Sixth Sense Ventures, together with RIL subsidiary Reliance New Energy, Xponentia Capital, Accurant International, USA and Momentum Venture Capital, Singapore, in February.

Follow Startup Story