This Mukesh Ambani-Backed EV Firm Could Raise ₹700 Crore To Fuel Growth

Altigreen Propulsion Labs, an electric cargo vehicle maker backed by Mukesh Ambani, is reportedly mulling a ₹700 crore fundraising to help accelerate its production and invest in new models. 

What Happened? The EV firm is targeting a valuation of about $350 million in the new round, where some of its existing investors will offload their shares, Bloomberg reported, citing sources.

Last year, the firm had banked around ₹300 crore in a series A round led by Sixth Sense Ventures. Ambani's Reliance New Energy had also participated in the round.

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Founded in 2013, Altigreen mainly manufactures electric three-wheelers for shipping cargo. The firm also works on its own in-house technology and has 27 patents across 60 different countries, including 6 in the US.

The company has 28 dealerships in the country spanning major cities like Mumbai, Chennai, Hyderabad, Delhi, Bengaluru and Gurugram. 

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Posted In: StartupsAltigreen Propulsion Labselectric vehiclesMukesh Ambani