Hero MotoCorp is gearing up to make a significant investment in Bangalore-based Altigreen Propulsion Labs, a company that specializes in electric 3-wheelers.
As per reports, Hero MotoCorp might pump in up to Rs 900 crore into the startup. This move is seen as a strategic step to compete with other big players like Mahindra and Bajaj Auto in the growing electric 3-wheeler market.
According to ETAuto, the discussions between the two companies are in the final stages, with all necessary checks already completed.
Altigreen, which currently has a turnover of Rs 115 crore, focuses on producing electric cargo vehicles used for last-mile deliveries of essential goods like vegetables, dairy, poultry, and gas cylinders. The company has already sold around 5,000 vehicles since its launch.
Altigreen has previously secured Rs 470 crore in funding from investors including Sixth Sense, Xponentia, Reliance Industries, Accurate, and Momentum. With Hero MotoCorp’s potential investment, Altigreen is expected to further expand its operations.
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