Atul Greentech Private Limited, a subsidiary of Atul Auto Limited, has successfully raised funding of INR 32.50 crore ($4.1 million) through various fundraising activities.
The fundraising round attracted investments from a diverse group of stakeholders, including parent company Atul Auto Limited, renowned investor Vijay Kedia, Singapore-based foreign portfolio investor Nav Capital VCC - Nav Capital Emerging Star Fund, and the Mahendra Patel family. This collective support highlights the confidence in Atul Greentech's vision and potential to transform the electric mobility landscape.
The investment values Atul Greentech at an impressive Rs. 950 crore ($121.3 million), reflecting the company's growing prominence and market potential in the electric vehicle (EV) industry.
Atul Greentech is known for its innovative electric three-wheelers, including the passenger variant - Mobili and the cargo variant - Energie. These vehicles, unveiled during the Auto Expo 2023 in New Delhi, represent a paradigm shift in the EV segment, combining cutting-edge technology with superior performance and environmental sustainability.
Central to Atul Greentech's innovation is the Atul Energie, the industry's first electric cargo three-wheeler equipped with a dual battery pack, offering a range of 195 km. Powered by lithium-ion batteries and featuring motor drives from industry leader Valeo, Atul Greentech's vehicles exemplify excellence in design, efficiency, and environmental stewardship.
The funds raised will play a crucial role in fueling Atul Greentech's ambitious growth plans. The company aims to expand its product portfolio, enhance manufacturing capabilities, and develop cutting-edge technologies to further solidify its position as a leader in the electric three-wheeler segment.
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