From NASA to EVs: Amitabh Saran's Drive to Power India's Clean Mobility with Altigreen
Discover Dr. Amitabh Saran's journey from NASA to founding Altigreen, an EV startup tackling India's last-mile transport. Deep dive into his vision & Altigreen's $50M story.
What if a single question could change the trajectory of your entire career, pushing you towards solving some of your country's most pressing problems? For Dr. Amitabh Saran, a seemingly routine corporate workshop at Hewlett-Packard, where he was asked to write his own epitaph focusing on his life's contributions, became exactly that—a profound turning point. This moment of deep introspection about his legacy ultimately steered him away from a conventional tech career towards a path of impactful entrepreneurship, culminating in the founding of Altigreen Propulsion Labs, a pioneering electric vehicle (EV) company dedicated to revolutionizing India's last-mile mobility.
Dr. Saran recently shared his incredible journey, insights, and the vision behind Altigreen on the Founder Thesis podcast hosted by Akshay Datt. It was a candid conversation delving into his early days, his multiple entrepreneurial ventures, and the deep-seated motivations for building an EV company from India, for India. You can listen to the full episode to hear these stories firsthand.
Check out the video of the conversation here or read on for insights.
🚀 The Visionary: Dr. Amitabh Saran – A Journey of Purpose and Innovation
Dr. Amitabh Saran's story is not just about building successful companies; it's about a relentless pursuit of purpose, a deep-seated desire to make a tangible difference, and an unwavering belief in India's potential for indigenous innovation.
Academic Foundations and Early Values
Educated with a Bachelor of Engineering (B.E.) in Computer Science from the Motilal Nehru National Institute of Technology (MNNIT), Prayagraj (1985-1989), Dr. Saran's quest for deeper knowledge led him to the United States. He earned his Doctorate (Ph.D.) in Computer Science from the prestigious University of California, Santa Barbara (1992-1996). Even during his early days, as he shared on the Founder Thesis podcast, a consciousness about efficient resource use was ingrained. He humorously recalled how the American emphasis on recycling resonated with his Indian upbringing where "everything is recycled including jam bottles jars second life third life fourth life of everything."
Formative Corporate Experiences: Building Global Expertise 🌏
Dr. Saran's corporate career is a tapestry woven with experiences at some of the world's leading technology institutions, providing him with invaluable exposure to cutting-edge research, global business operations, and complex project execution.
Tata Consultancy Services (TCS) (1989-1991): His career began as a Systems Analyst at TCS, a company that was already a formidable force, primarily focused on sending talent abroad. He noted, "the focus entirely was on sending people abroad...they used to make consultants out of engineers."
Philips, Thailand (1991-1992): A call from his former TCS manager led him to Philips in Singapore, which then posted him to Thailand as a Technical Lead for a large ATM network project in 1990.
NASA (1996-1997): Following his PhD, Dr. Saran worked as a Project Manager at the National Aeronautics and Space Administration (NASA), leading the development of computation modeling systems for NASA scientists. This post-doctoral work immersed him in high-stakes, mission-critical projects.
Hewlett-Packard (HP) (1997-2000): As Chief Architect at HP in Cupertino, he architected CTI/CRM solutions for global clients. It was here that the "epitaph moment" occurred.
"This piece of paper is going to be your epitaph... Whatever you write here will go on your tombstone... What were your contributions on this planet because of which people should remember you?"
This experience, he admits, was a significant reason he decided to move back to India in 1998, a time when many were heading to the US for Y2K projects. He wanted to make a difference, to contribute.
The Entrepreneurial Fire: First Ventures 🔥
Returning to India, Dr. Saran didn't just seek a job; he sought to build. His entrepreneurial journey began well before Altigreen, with two significant ventures that honed his skills in building technology products and scaling businesses.
TriVium Systems, Inc. (CTO, 2001-2006): In 2000, Dr. Saran was part of the founding team of TriVium, a software product company with operations in India but serving the US and European markets. As CTO, he helped build products in the computer telephony space – VoIP, CRM integrations for call centers. TriVium was a success, acquiring other companies and boasting over 8,000 customers primarily in North America and Europe. The company was eventually acquired by Provana.
https://www.google.com/search?q=Buzzintown.com (Co-founder & CEO, 2007-2012): Identifying a gap in the discovery of entertainment and lifestyle options beyond just movies, Dr. Saran co-founded Buzzintown.
"What is the default answer you get [for what to do]? Picture!... There's so much more channels of wholesome entertainment all around you."
Buzzintown grew to cover 18 cities in India and 19 more in the US & Canada. The platform aggregated information on events, lifestyle, and leisure, monetizing through advertising, ticket sales, and deals. It was eventually acquired by Yatra.com in January 2012, as Yatra sought to provide more value to its customers during their travels. Interestingly, Buzzintown was one of three portal ideas Dr. Saran had built with his own money initially; investors chose to back the entertainment-focused one.
These experiences, from deep tech at NASA and HP to consumer internet with Buzzintown, provided Dr. Saran with a unique blend of technical depth, business acumen, and the resilience essential for the demanding EV industry.
🇮🇳 Altigreen Propulsion Labs: Powering India's EV Revolution from the Ground Up
Founded in 2013, Altigreen Propulsion Labs is the culmination of Dr. Saran's experiences and his drive to tackle a monumental challenge: making India's transportation sector sustainable and reducing its crippling dependence on fossil fuels.
The Genesis: An Idea Whose Time Had Come 💡
The seed for Altigreen was sown from a mix of personal frustration and a keen observation of India's pressing needs.
"I had been waiting a lot for the hybrid vehicles to show up in India... [Toyota] Prius... It was introduced at a price point of 29 lakhs. At that price point, it's not going to make a dent."
This, coupled with the alarming statistics on air pollution – "1.2 million people lose their lives in India every year because of poor air. 25 percent is attributed to road transport" – and the incumbents' inertia in moving away from fossil fuels, created a clear problem statement. A casual conversation with friends after a golf game, where Dr. Saran was "cribbing about the price" of the Prius, led to a moment of clarity: "This is the problem. Everyone says it is not their problem." He realized the problem needed to be fixed, starting with existing polluting vehicles.
Mission & Vision: "Carbon-Free Transportation" & "Made in India, For India" 🌍
Altigreen's vision, as Dr. Saran articulated, is "carbon-free transportation." The company is deeply committed to designing and manufacturing electric vehicles that are not just assembled in India but are engineered from the ground up for Indian conditions – challenging roads, overloading practices, and unique driving behaviors. This "Made in India, Made for India" philosophy is central to their approach. Their focus is on the critical last-mile transportation segment, primarily three-wheelers, which form the backbone of goods and passenger movement in Indian cities.
Technological Prowess: The Full-Stack EV Innovator 🛠️
What truly sets Altigreen apart is its "deep-tech, full-stack" approach. The company designs and manufactures its entire EV powertrain in-house – including electric motors, motor controllers, battery management systems (BMS), assembly of Li-ion battery packs (using imported cells), and sophisticated embedded and application software.
Proprietary Technology: This vertical integration gives Altigreen immense control over quality, performance, and cost, allowing them to optimize every component for Indian conditions. They decided to develop these in-house because off-the-shelf components often didn't meet their rigorous specifications.
Impressive Patent Portfolio: This commitment to R&D is reflected in their extensive global patent portfolio, with 29 patents granted across over 60 countries, including 6 in the US. These patents cover innovations in electric motors, control algorithms, and energy efficiency.
Magnet-less Motors: In a strategic move to reduce reliance on imported rare-earth materials and enhance serviceability, Altigreen designs electric motors without permanent magnets.
High Localization: Altigreen has achieved an impressive 93% local value addition in its vehicles (excluding the lithium cells), a testament to its "Make in India" commitment.
Product Lineup: Engineered for Indian Realities 🛵
Altigreen's flagship "neEV" series of electric three-wheelers is tailored for the demanding Indian commercial market, offering solutions for both cargo and passenger segments.
neEV Cargo Vehicles: Designed for robustness and reliability, these vehicles cater to the burgeoning e-commerce and logistics sectors.
neEV Tez: A standout product featuring rapid charging technology in partnership with Exponent Energy, allowing a full charge (0-100%) in just 15 minutes for a range of around 100 km. This significantly boosts uptime for commercial operators.
Passenger EVs: Altigreen has recently launched a wide-body passenger EV and plans a narrow-body (D+3) variant.
Performance Metrics: Their vehicles boast high torque (e.g., 45 Nm for neEV cargo), substantial ground clearance (220mm), and a specially designed clutchless EV gearbox.
Total Cost of Ownership (TCO): A key selling point is the significantly lower TCO, estimated to be around 40% less than ICE alternatives. Altigreen EVs cost approximately ₹0.92 per kilometer compared to around ₹4/km for a diesel three-wheeler, translating to monthly savings of up to ₹7,500 for drivers.
Market Traction & Milestones: A Growth Story Fueled by Innovation and Investment 📈
Altigreen's journey has been marked by significant growth, strong investor confidence, and increasing market penetration.
Funding Success: Altigreen has raised a total of approximately $48.8 million (around ₹358 crore) over 10 funding rounds.
A pivotal Series A funding of ₹300 crore (approx. $40.1 million) was secured in February 2022, led by Sixth Sense Ventures.
Key investors include Reliance New Energy (a subsidiary of Reliance Industries Ltd., which invested ₹50.16 crore), Xponentia Capital, Accurant International (USA), and Momentum Venture Capital (Singapore).
Valuation: The company was valued at ₹1,040 crore (approx. $125 million) as of February 2022.
Market Presence:
Over 5,000 Altigreen vehicles are on Indian roads (as of early-mid 2024).
Operating in more than 120 cities and towns.
Collectively clocked over 78 million kilometers.
Market Share: Achieved an 11% market share in the L5 category (electric three-wheeler cargo vehicles) in FY24.
Manufacturing Prowess: Operates a 3-lakh square foot manufacturing plant and warehouse in Malur, Karnataka, with an annual production capacity of 55,000 vehicles.
Financial Performance: Reported revenue of ₹120.58 crore in FY 2023-24, a significant jump indicating scaling operations, though accompanied by a net loss typical for a growth-stage manufacturing company investing heavily in expansion. The company has achieved a positive material margin of 16% per vehicle.
Strategic Ecosystem Building: Partnerships for Progress 🤝
Understanding that EV adoption requires a supportive ecosystem, Altigreen has proactively forged partnerships in critical areas:
Charging Infrastructure: Collaborations with Massive Mobility (aiming for 25,000 on-demand charging stations), Exponent Energy (for 15-minute rapid charging), and Bolt.Earth (for 3.3 kW charging stations).
Financing: Working with commercial banks and NBFCs to improve vehicle financing options for customers.
Battery Recycling: A strategic partnership with LOHUM, an Extended Producer Responsibility (EPR) partner, to recycle end-of-life batteries, aiming to recover 95% of high-purity battery raw materials. They target recycling 1 GWh of Altigreen EV batteries over the next three years.
Fleet & Logistics: Secured orders from fleet operators like MoEVing (for 1,500 commercial EVs) and collaborated with Mahindra Logistics.
🛣️ The Road Ahead: Challenges, Aspirations, and Global Horizons
Dr. Saran and Altigreen are not resting on their laurels. The company has ambitious plans for the future, tempered by a realistic understanding of the challenges in the evolving EV landscape.
Future Expansion: New Segments and Global Ambitions
Product Line Expansion: Plans to venture into passenger four-wheelers and further develop Light Commercial Vehicles (LCVs).
Market Penetration: Aims to capture at least 25% of the total L5 market sales by 2030 and expand its domestic presence from 120+ to over 400 cities.
Global Foray: Eyeing international markets, including South Asia, Africa, South America, and particularly ASEAN countries like Thailand, Indonesia, and Singapore.
Financial Goals: While an IPO is a future possibility, it's projected to be at least three years away (as of early 2024). The focus remains on achieving profitability.
Continued R&D: Exploring second-life applications for EV batteries (e.g., in solar energy storage) and developing Advanced Driver-Assistance Systems (ADAS).
Navigating the EV Landscape
The path ahead involves navigating challenges such as the charging infrastructure gap, high upfront EV costs, intense competition from established players and new entrants, evolving government policies, and supply chain considerations for critical components like lithium-ion cells. Altigreen's strategy involves leveraging its proprietary technology, strong TCO proposition, and ecosystem partnerships to address these.
✨ Beyond the Balance Sheet: A Legacy of Impact and Indigenous Innovation
Dr. Amitabh Saran's journey from a curious engineer to a driven entrepreneur leading a significant EV venture is a powerful narrative of how personal conviction, coupled with deep technical expertise, can address pressing societal needs. Altigreen Propulsion Labs is more than just an EV manufacturer; it's a testament to Indian ingenuity and a catalyst for change in how India moves.
As Dr. Saran shared his story on the Founder Thesis podcast, it became clear that his definition of success extends far beyond financial metrics. It's about building a sustainable future, creating technology that empowers, and ultimately, leaving a legacy of positive impact—answering that profound "epitaph" question not just with words, but with action. Altigreen is positioned to be a pivotal player in India's ambition to become an EV superpower, one indigenously designed, robust, and efficient electric vehicle at a time.
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Until the next founder's thesis📕,
Your host, AD