Altigreen Propulsion Labs Pvt Ltd., an Indian electric cargo vehicle manufacturer backed by billionaire Mukesh Ambani, is reportedly considering raising approximately seven billion rupees ($85 million) in a new funding round. The funds will be utilized to enhance production capacity and invest in new vehicle models, according to sources familiar with the matter. Altigreen is aiming for a valuation of around $350 million in this funding round, with the possibility of existing investors selling their shares.
While the discussions are still in the early stages, Altigreen’s Chief Executive Officer, Amitabh Saran, confirmed that the company is actively fundraising and aims to conclude the process by July. Founded in 2013, Altigreen specializes in designing and manufacturing electric cargo three-wheelers, boasting an annual production capacity of 55,000 vehicles.
In its previous series A funding round last year, Altigreen raised approximately three billion rupees, with Sixth Sense Ventures leading the investment. Notably, Reliance New Energy Ltd., Xponentia Capital Partners, Momentum Venture Capital, and Accurant International also participated in the funding.
Altigreen’s strategic vision aligns with the growing demand for sustainable transportation solutions in India. With Mukesh Ambani’s support and a solid investor base, the company aims to leverage the latest funding to bolster its production capabilities and introduce innovative electric vehicle models. The funds will play a crucial role in scaling up operations and meeting the rising market demand for eco-friendly cargo vehicles.
Altigreen’s commitment to environmentally conscious mobility solutions has positioned it as a key player in India’s electric vehicle sector. As the country continues to prioritize sustainable transportation, Altigreen’s expertise and advanced technologies enable it to capitalize on the evolving market dynamics.
The potential success of Altigreen’s fundraising efforts will not only contribute to the company’s growth trajectory but also drive the adoption of electric vehicles and promote a greener future in India. With a focus on expanding production capacity and investing in new models, Altigreen is poised to play a significant role in India’s ongoing transition towards sustainable and efficient transportation solutions.