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Hero MotoCorp. (File picture)
Altigreen, a tech firm with a turnover of Rs 115 crore, makes a speciality of making electrical cargo autos used for last-mile deliveries of products like greens, dairy, and gasoline cylinders.
Hero MotoCorp is gearing as much as make a big funding in Bangalore-based Altigreen Propulsion Labs, an organization that makes a speciality of electrical 3-wheelers.
As per reviews, Hero MotoCorp may pump in as much as Rs 900 crore into the startup. This transfer is seen as a strategic step to compete with different large gamers like Mahindra and Bajaj Auto within the rising electrical 3-wheeler market.
Based on ETAuto, the discussions between the 2 firms are within the ultimate levels, with all needed checks already accomplished.
Altigreen, which at present has a turnover of Rs 115 crore, focuses on producing electrical cargo autos used for last-mile deliveries of important items like greens, dairy, poultry, and gasoline cylinders. The corporate has already offered round 5,000 autos since its launch.
Altigreen has beforehand secured Rs 470 crore in funding from buyers together with Sixth Sense, Xponentia, Reliance Industries, Correct, and Momentum. With Hero MotoCorp’s potential funding, Altigreen is anticipated to additional broaden its operations.
