Ambani-Backed EV Maker To Raise $85 Million For Expansion And New Vehicle Models

Altigreen Propulsion Labs Pvt Ltd., an Indian electric cargo vehicle manufacturer, is reportedly considering a new funding round to raise approximately Rs 700 crore ($85 million). The company aims to utilize the funds to scale up its production capabilities and invest in the development of new vehicle models.

Sources familiar with the matter revealed that Altigreen is targeting a valuation of around $350 million in the upcoming funding round. Additionally, some of the company's existing investors may choose to sell their shares alongside the fundraising efforts. Altigreen counts billionaire Mukesh Ambani among its notable backers.

The people indicated that the discussions are still in their early stages and that the terms of the fundraising could alter. Altigreen CEO Amitabh Saran confirmed to Bloomberg News that the company is in the process of gathering funds and hopes to complete it by July.

Altigreen, which was founded in 2013, designs and manufactures electric cargo three-wheelers with an annual production capacity of 55,000 vehicles, according to its website. Last year, the company raised approximately Rs 300 crore in a series A investment headed by Sixth Sense Ventures. Reliance New Energy Ltd., Xponentia Capital Partners, Momentum Venture Capital, and Accurant International were also among the investors.