Serial entrepreneur Rajeev Chandrasekhar's strategic investment firm Jupiter Capital Pvt Ltd has invested $2 million in Altigreen Propulsion Labs Pvt Ltd, a startup that provides technology solutions for electric and hybrid powertrains,
Sudhakar Gande, director at Jupiter, said in a press release that Bangalore-based Altigreen has developed a technology solution that can make every vehicle a hybrid. The company’s patented technology can be replicated in other developing nations to address emission concerns, he added.
Altigreen was founded by serial entrepreneur Amitabh Saran along with Lasse Moklegaard, Shalendra Gupta and John Bangura. Saran has a PhD in computer science while Bangura and Moklegaard both have a PhD in engineering.
Saran has worked at Tata Consultancy Services, Philips, Hewlett-Packard and US space agency NASA. He also founded a startup that was acquired by travel portal Yatra in 2012. Gupta, an IIM Ahmedabad alumnus, has worked at companies including SBI Capital Markets and Deutsche Bank.
The four started working on a technology solution for vehicles in 2012. They developed a proof-of-concept vehicle in the US, filed for intellectual property protection in 40 countries, and transitioned to building a precision manufacturing ecosystem in India.
Altigreen is engaged in research, design and development of proprietary hybrid vehicle technology for the Indian market. Kits developed by Altigreen seek to improve fuel efficiency and reduce harmful emissions.
Jupiter Capital, founded in 2005, has invested in sectors such as technology, aerospace, media, music, entertainment, hospitality and infrastructure.
Its major investments include Axis Cades, an engineering services company and a supplier to global aerospace firms, and Asianet News Network, a media company that owns vernacular news channels Asianet News and Suvarna News along with vernacular newspaper Kannada Prabha.
It has also backed Indigo 919, an international radio broadcast company with presence in Bangalore and Goa and which organises live events across India; and Niraamaya Retreats, a luxury hospitality chain with presence in Kovalam, Thekkady and Kumarakom in Kerala.
Recently, it invested an undisclosed amount in Bangalore-based online hypermarket Urdoorstep Eretail.