Electric commercial vehicle maker Altigreen is planning to raise Rs 800-1000 crore next year to fund its expansion plans in the local market.

Previously, Altigreen raised Rs 300 crore from Reliance Industries and four venture capital funds earlier this year and is expected to use the resources to build scale, develop charging infrastructure, increase product portfolio and supply chain over the next couple of years.

According to reports, the company partially used these resources to increase production capacity. On the other hand, ample resources are being used in R&D.

Reports say that the company has started delivering products with fast-charging capabilities shortly (0-100 percent battery capacity in 15 mins). It is also said to be having a larger factory operational, with installed capacity to manufacture 4500 units per month. The quality supply chain partners are said to be in place, adding the focus was now on expanding the distribution network to shore up volumes.

Altigreen commenced sales in Delhi, Bangalore and Hyderabad. The company plans to set up 40 dealerships across the country in FY23. Bangalore-based Altigreen has developed an electric three-wheeler, using a locally made mobility platform. The nine-year-old company has 26 global patents spanning 60 countries.

for giving quotes inside description. India is witnessing an increased focus on the electric commercial vehicles in the country’s bid to clamp down on crude imports and vehicular pollution.

Given the rapid growth in ecommerce — accelerated now by the pandemic — as many as eight million vehicles are expected to be on the road in the urban delivery segment alone by 2030.

RIL’s Reliance New Energy Ltd (RNEL) subsidiary, Sixth Sense Ventures, Xponentia Capital, Accurant International of the US and Singapore’s Momentum Venture Capital participated in the series A funding round for the EV startup. The investment came close on the heels of RIL unveiling its Rs 75,000-crore plan last year to build a clean energy business.

RIL has made a string of new tech-focused acquisitions in the past few months. Among others, in December, it announced the acquisition of British firm Faradion Ltd for an enterprise value of 100 million pounds that will give it access to high sodium-ion battery technology, an alternative to lithium-ion batteries.

Altigreen aims to have three to five vehicles in its portfolio in the next two or three years. Reports that although the immediate priority is to exploit more use cases for electric three-wheelers, eventually the company plans to introduce electric four-wheelers as well.