Ambani-Backed Altigreen May Raise Rs. 7 Billion For Expansion

As per reports of May 29, to expand operations, Altigreen Propulsion Labs Pvt Ltd, which is supported by RIL chairman Mukesh Ambani, is contemplating raising roughly Rs 700 crore.

News So Far

According to persons familiar with the situation, Altigreen Propulsion Labs Pvt Ltd. is seeking around 7 billion rupees ($85 million) in a new investment round as the Indian manufacturer of electric freight vehicles wants to increase production and invest in new models.

It is to be noted that because the discussions were in an early stage, the fundraising’s specifics may yet alter. Altigreen CEO Amitabh Saran acknowledged that the company is in the process of obtaining funds and hopes to finish by July.

About Altigreen

Altigreen creates and produces electric freight three-wheelers with a capacity to produce 55,000 units annually. 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. participated in the process.

Their mobile platforms are produced in India using homegrown technology and have a local value addition of over 93%. The cars were mainly created with Indian environmental and commercial considerations in mind. Altigreen prides itself on producing electric vehicles that go above and beyond what customers want and adheres to the engineering-first philosophy.

As per The Economic Times, the business, which has financial backing from billionaire Mukesh Ambani, is looking for a valuation of about $350 million in the latest round. Some of its current investors could follow and sell the shares they own.

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