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.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.