Altigreen Propulsion Labs

About Altigreen Propulsion Labs

Altigreen Propulsion Labs is a Bengaluru-based manufacturer of electric commercial vehicles, focusing on the last-mile transportation segment in India. The company was founded in 2013 by a team that includes CEO Dr. Amitabh Saran, a former NASA engineer with a Ph.D. in Computer Science, and Co-founder & CFO Shalendra Gupta, who brought extensive experience from finance and manufacturing sectors like SBI Capital Markets and Siemens. Their collective expertise in technology and business shaped Altigreen's direction.

Initially, Altigreen developed hybrid and electric drivetrains for various vehicles before pivoting to become a full-fledged original equipment manufacturer (OEM). This strategic shift was driven by the realization that building complete vehicles, engineered from the ground up for Indian conditions, was essential for market adoption. The company launched its first electric three-wheeler in 2021 and now operates a large manufacturing plant in Malur, Karnataka, with the capacity to produce tens of thousands of vehicles annually. Its business model involves selling these vehicles to both B2B clients, such as e-commerce and logistics companies, and individual driver-owners through an expanding pan-India dealership network.

Altigreen's product line, marketed under the 'neEV' brand, includes several three-wheeler cargo and passenger models. These vehicles are distinguished by their robust design, featuring high ground clearance (220mm) to handle varied road conditions and an IP67-rated motor and battery. The company's core strength lies in its proprietary, full-stack EV technology, which encompasses the motor, controller, battery management system, and software. This vertical integration is protected by 28 global patents. The vehicles offer a certified range of up to 151 km on a single charge and can be charged in about 3.5 hours using a standard 16-amp socket. A notable offering is the neEV Tez, which supports 15-minute fast charging in collaboration with Exponent Energy.

The company's growth has been supported by significant funding, including a Rs 300 crore Series A round in February 2022, with major investments from Reliance New Energy, a subsidiary of Reliance Industries, Sixth Sense Ventures, and Xponentia Capital. This capital is being used to scale up production, enhance R&D, and broaden its distribution network across Tier 1, 2, and 3 cities in India. Altigreen is also looking to introduce a four-wheeled light commercial vehicle and explore export opportunities in emerging markets in Asia, Africa, and South America.