Mukesh Ambani-backed EV maker Altigreen may raise Rs 700 cr: Report

RIL chairman Mukesh Ambani-backed Altigreen Propulsion Labs Pvt Ltd. is considering raising about Rs 700 crore as it looks to ramp up operations, said a report on Monday.

The electric cargo vehicle maker is looking to ramp up its production and invest in new models, reported Bloomberg quoting sources.

The company is seeking a valuation of around $350 million in the new funding round, said the report adding some of its existing investors could sell their shares.

Altigreen CEO Amitabh Saran confirmed to Bloomberg that the company aims to wrap up its latest funding round by July.

Founded in 2013, Bengaluru-based Altigreen designs and manufactures electric cargo three-wheelers and has an annual production capacity of 55,000 vehicles, according to its website. The firm raised around Rs 300 crore in a series A round last year that was led by Sixth Sense Ventures. Ambani’s Reliance New Energy Ltd., Xponentia Capital Partners, Momentum Venture Capital and Accurant International also participated.

Last year, the company had expanded its manufacturing capacity with an investment of Rs 80 crore in a new production facility in Malur, Karnataka.

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