cKers Finance provides financing facility to Altigreen Propulsion Labs to promote deployment of Electric Three Wheelers in India
Delhi: cKers Finance, an NBFC focused on financing sustainability and clean energy projects in India has announced a debt financing tie-up with Altigreen, an Electric Vehicle OEM with a mission of enabling a better world through carbon-free road transportation. cKers has set-up an initial line of INR Thirty Million for Altigreen. This facility will be used by Altigreen for working capital to manufacture the EV components and its cargo L5 electric three-wheeler.
While India is still in a nascent stage of EV adoption, the last mile transportation has started to witness some tangible take-off in the EV two-wheeler and three-wheeler markets. Lately some of the forward-looking business houses and e-commerce platforms have started to replace Internal Combustion Engine fleets with EVs, in their supply chain. Altigreen is ideally positioned to provide customized last mile transportation solution for fleet owners and aggregators. Altigreen vehicles are fully certified and have already been deployed on Indian roads.
Altigreen’s vehicles are built around its own, indigenously developed technology including induction motors, clutch-less EV gearboxes and transmissions, power electronics, vehicle controls, digital interactive display clusters and IoT, with a cloud-based control centre. Each of these has been designed tested and certified in India, resulting in a 100% Made in India product.
cKers has taken a leading position in financing clean energy and clean mobility. This financing line continues to build on its aims for faster adoption of clean mobility for passenger and last mile transport. cKers is bullish about the evolution of a strong EV ecosystem and the growth that it will create for the Indian economy.
Speaking about the facility, Jayant Prasad, Executive Director, cKers Finance said, “Within the e-mobility sector, we are partnering with companies that are able to showcase a strong business model, proven unit level economics and track record in raising institutional equity. Our understanding and research about the developments in the EV ecosystem enable us to confidently foray into the new upcoming segments. Altigreen meets all these criteria, the founding and leadership team of the Company is just as passionate as us to make carbon-free transportation not just exciting and economical, but accessible to all.”
Talking about the transition of Indian EV market, Shalendra Gupta, Co-founder, Altigreen Propulsion Labs said, “We are excited to partner with cKers to accelerate the adoption of electric three-wheelers in India. Altigreen plans to enable the ecosystem for zero emission vehicles, through differentiated end-customer mobility experience. EV manufacturing requires significant investment of working capital by the OEM. Financing of vehicles for institutional buyers and smaller E-commerce delivery fleets is also an important enabler. cKers helps Altigreen in bridging both these gaps without which the growth of EVs in India and the Emerging Markets would remain inadequate.”
Speaking about the partnership, Deepak Gupta, Business Development Head at cKers said “Faster adoption of EVs in India is very likely in the commercial use segment where the TCO (Total Cost of Ownership) advantage of EVs is greater due to higher number of daily kms run. The gap of indigenous OEMs developing EVs suitable for Indian commercial use case is aptly filled by Altigreen for the electric three-wheeler segment now and will help in the push towards adoption of cleaner mode of transport on Indian roads.”