Ambani-backed EV maker said to be considering raising $85M


Altigreen Propulsion Labs Pvt Ltd. is considering raising about 7 billion rupees ($85 million) in a new funding round, as the Indian maker of electric delivery vehicles looks to ramp up production and invest in new models, according to people familiar with the matter.

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Updated on:
May 30, 2023 at 15:45 pm

File photo of the Altigreen showroom in Delhi.

Backers of the company, including billionaire Mukesh Ambani, who asked not to be identified because the information is private, are seeking a valuation of about $350 million in a new funding round people said. Some of its existing investors could follow suit and sell their shares, the people said.

The deliberations are in the early stages and details of the fundraising could still change, the people said. Altigreen CEO Amitabh Saran (Amitabh Saran) confirmed to Bloomberg that the company is in the process of raising funds and aims to complete it by July.

Founded in 2013, Altigreen designs and manufactures electric cargo trikes with an annual capacity of 55,000, according to its website. The company raised around Rs 300 crore in a Series A round led by Sixth Sense Ventures last year. Ambani’s Reliance New Energy Ltd., Xponentia Capital Partners, Momentum Venture Capital and Accurant International also participated.

First published date: May 30, 2023 at 15:45 PM CST

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