Hero MotoCorp plans to enter electric 3-wheeler segment with Bangalore-based Altigreen

Join Date: Jul 2017

Location: Pune

Posts: 6,695

Thanked: 58,908 Times

Hero MotoCorp plans to put successful Bangalore-based Altigreen Propulsion Labs, which makes electrical 3-wheelers.

According to a media report, Hero MotoCorp is apt to put up to Rs 900 crore successful the startup arsenic it looks to vie with brands similar Mahindra and Bajaj Auto successful the electrical 3-wheeler space. It is said that the talks are successful an precocious signifier and owed diligence has been completed.

Altigreen is simply a exertion institution with a turnover of Rs 115 crore. It produces electrical cargo vehicles for last-mile deliveries of goods similar vegetables, dairy, poultry, state cylinders, etc. Since its launch, the institution has sold astir 5,000 vehicles.

So far, Altigreen has raised Rs 470 crore from Sixth Sense, Xponentia, Reliance Industries, Accurate and Momentum. With a ample concern from Hero MotoCorp, the institution would beryllium looking to grow its operations further.

Source: ET Auto

Link to Team-BHP News