Three-Wheeler EV Maker Backed By Mukesh Ambani Explores $85 Million Funding Round

Swarajya StaffTuesday, May 30, 2023 5:09 am IST
Electric cargo vehicle offered by Altigreen.
Electric cargo vehicle offered by Altigreen.

Altigreen Propulsion Labs is planning to raise approximately $85 million in a new funding round to expand production and develop new models, according to insiders familiar with the matter.

The Indian electric cargo vehicle manufacturer, backed by billionaire Mukesh Ambani, aims to achieve a valuation of around $350 million in this funding round. Existing investors may also have the opportunity to sell their shares alongside the new investment, the sources added.

The discussions are still in the early stages, and specific details of the fundraising may undergo modifications. Altigreen's CEO, Amitabh Saran, confirmed to Bloomberg that the company is currently in the process of fundraising and anticipates concluding it by July.

Altigreen, founded in 2013, specializes in the design and production of electric cargo three-wheelers. Their website indicates an annual production capacity of 55,000 vehicles.

In a series A round last year, the company secured approximately 3 billion rupees with the participation of Sixth Sense Ventures as the lead investor. Other participants included Reliance New Energy Ltd. (owned by Mukesh Ambani), Xponentia Capital Partners, Momentum Venture Capital, and Accurant International.

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