A naukri.com initiative
Inc42
3w
431
Image Credit: Inc42
Reliance-Backed Altigreen’s EV Three-Wheeler Dreams Hit A Wall
- Altigreen, a Reliance-backed EV startup, has halted manufacturing operations due to a severe fund crunch, risking complete shutdown without immediate funding.
- The startup's manufacturing plant has been closed, with employees working remotely as the company faces financial challenges.
- Altigreen has faced issues with unpaid salaries, production quality, and dwindling sales leading to significant losses and operational difficulties.
- Despite earlier success and a significant Series A funding, Altigreen struggled with market demand and competition from legacy automobile OEMs.
- The startup's ambitious expansion plans, including forays into passenger vehicles, did not materialize as expected, leading to financial strain.
- Efforts to secure funding, including talks with potential investors like Hero Motors and JBM Group, have not resulted in concrete deals.
- Altigreen faces challenges in settling dues, unpaid salaries, and reviving operations amid increasing competition in the EV sector.
- The startup is currently in the process of raising $35 Mn in a Series B round, aiming to revive its sales and regain market trust.
- Altigreen's future remains uncertain as it navigates financial difficulties and strives to regain momentum in a competitive EV market.
- The story highlights the challenges faced by Altigreen and the broader issues surrounding funding, market demand, and competition in the EV sector.
Read Full Article
25 Likes
For uninterrupted reading, download the app