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.
See Also: What Is Reliance Jio's Share Price And How To Buy
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.
Read Next: Tesla Revs Up India Market Entry: Elon Musk’s Next Big EV Frontier?
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.