Mukesh Ambani-backed Altigreen looks to raise Rs 700 cr to ramp up production

Electric vehicle manufacturer Altigreen Propulsion Labs is looking to raise Rs 700 crore by July for its next round of production. With the funding, the company aims to speed up the production of its three-wheelers and invest in new models. 

The manufacturer, backed by Mukesh Ambani, is seeking a valuation of $350 million in the next round, sources have told Bloomberg. Some of its existing investors could tag along and sell their shares, the people said.

The status surrounding the fundraising is up in the air, and the details could still be tweaked, the sources informed. Altigreen Chief Executive Officer Amitabh Saran stated that the company was in the midst of fundraising and looking to finish it by July.

In February 2022, the electric vehicle manufacturing company raised Rs 300 crore in the Series A of its fundraiser. The funding round was led by Sixth Sense Ventures, along with Reliance New Energy Ltd (RNEL), a wholly-owned subsidiary of Reliance Industries Ltd. (RIL), and other equity investors. 

The 2022 fundraiser aimed at ramping up production and expanding the company’s reach pan India. Backers of 2022 fundraiser recognized the company’s position in a less-cluttered three-wheeler segment.

“We draw comfort from Altigreen’s primary focus on the 3W segment within the EV space, which fundamentally is less cluttered and under-penetrated, as well as benefits multiple stakeholders in the value chain (from e-commerce players to consumers),” said Nikhil Vora, founder and chief executive officer, Sixth Sense.

“This coupled with a strong product first approach and a credible team, Altigreen is well-positioned to emerge as one of the leading players in the 3W EV space,” he added.

Altigreen Propulsion Labs was founded in 2013. The company specialises in the design and production of electric cargo three-wheelers. The company boasts an annual production capacity of 55,000 vehicles, according to its website.