Ambani-backed EV maker is said to weigh raising $85 million
Altigreen designs and manufactures electric cargo three-wheelers
Mumbai: Altigreen Propulsion Labs is considering raising about Rs7 billion ($85 million) in a new funding round as the Indian electric cargo vehicle maker looks to ramp up its production and invest in new models, according to people familiar with the matter.
The company, which counts billionaire Mukesh Ambani among its backers, is seeking a valuation of around $350 million in the new round, said one of the people, who asked not to be identified as the information is private. Some of its existing investors could tag along and sell their shares, the people said.
Deliberations are at an early stage and details of the fundraising could still change, the people said. Altigreen CEO Amitabh Saran confirmed to Bloomberg News that the company is in the midst of fundraising and targets to wrap it up by July.
Founded in 2013, Altigreen designs and manufactures electric cargo three-wheelers and has an annual production capacity of 55,000 vehicles, according to its website. The firm raised around Rs3 billion in a series A round last year that was led by Sixth Sense Ventures. Ambani’s Reliance New Energy, Xponentia Capital Partners, Momentum Venture Capital and Accurant International also participated.