Hero MotoCorp plans to enter electric 3-wheeler segment

Hero MotoCorp is likely to invest up to Rs 900 crore in Altigreen Propulsion Labs.

Hero MotoCorp plans to invest in Bangalore-based Altigreen Propulsion Labs, which makes electric 3-wheelers.

According to a media report, Hero MotoCorp is likely to invest up to Rs 900 crore in the startup as it looks to compete with brands like Mahindra and Bajaj Auto in the electric 3-wheeler space. It is said that the talks are in an advanced stage and due diligence has been completed.

Altigreen is a technology company with a turnover of Rs 115 crore. It produces electric cargo vehicles for last-mile deliveries of goods like vegetables, dairy, poultry, gas cylinders, etc. Since its launch, the company has sold around 5,000 vehicles.

So far, Altigreen has raised Rs 470 crore from Sixth Sense, Xponentia, Reliance Industries, Accurate and Momentum. With a large investment from Hero MotoCorp, the company would be looking to expand its operations further.

Source: ET Auto