Reliance-backed Altigreen is considering raising $85 million

30 May 2023 , 10:12 AM

According to news reports, Reliance-backed Altigreen Propulsion Labs Pvt Ltd. is considering obtaining approximately Rs 700 crore ($85 million) in a fresh investment round as the Indian manufacturer of electric cargo vehicles wants to speed up its production and invest in additional models.

According to one of the reports, the company, which counts Mukesh Ambani as one of its investors, is looking for a valuation of about $350 million in the new round. The report said that some of its current investors might follow and sell their shares.

The reports noted that because the discussions were in an early stage, the fundraising’s specifics might still change. Amitabh Saran, the chief executive officer of Altigreen, told Bloomberg News that the company is now gathering money and hopes to finish by the end of July.

According to its website, Altigreen was established in 2013 and designs and produces electric cargo three-wheelers with an annual production capacity of 55,000 vehicles. 

In a series A investment led by Sixth Sense Ventures last year, the company raised about Rs 300 crore. Accurant International, Xponentia Capital Partners, Momentum Venture Capital, and Ambani’s Reliance New Energy Ltd. also took part.

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