Reliance Industries’ investment in the electric vehicle developer highlights growth in India’s expanding EV market.

India-based electric vehicle (EV) manufacturer Altigreen Propulsion Labs secured Rs 3bn ($40m) on Friday in a series A round backed by Reliance New Energy, a subsidiary of conglomerate Reliance Industries.

Venture capital firm Sixth Sense Ventures led the round, which also featured Momentum Venture Capital, Xponentia Capital and Accurant International. Reliance revealed in a regulatory filing that it contributed just over $6.6m to the round.

Altigreen provides EVs for commercial use in last-mile transportation and currently offers flatbed, low-deck and…

Subscribe to go deeper

GCV subscribers get access to all our proprietary data and deep-dive articles, as well as the global directory of CVC investors.



Not sure if you have a subscription?
Fernando Moncada Rivera

Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.
Email LinkedIn