Altigreen Propulsion explores $85 million funding round, targets production expansion

Viditha Ganji — Mon, 29 May 2023 17:33:25 +0000

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.

Mukesh Ambani and Family spotted at the Siddhivinayak temple – WATCH

Anushka Brahma — Fri, 26 May 2023 11:57:25 +0000

The Ambani family values cherishing each minute of life.

The family is the epitome of embracing life to the fullest, whether it be during festivities, birthdays, or weddings. On Friday, Mukesh Ambani was spotted with his son Akash Ambani, daughter-in-law Shloka Ambani, and grandson Prithvi at the Siddhivinayak temple. As per the sources, they went to seek blessings as Mumbai Indians will play in the semi finals of IPL today alongside Gujarat Titans.

In the video, Prithvi was seen on Mukesh Ambani, along with Shloka and Akash Ambani. As they leave the temple, the crowd was chanting, “Ganapati Bappa Moraya, Mangal Murti Moraya”. The video was shared on Viral Bhayani page.

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Another video of Prithvi and Mukesh Ambani sharing an adorable grandpa-grandson moment went viral. The paps were seen cheering “all the best”.

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Mumbai Indians was the second team to get qualified for the semi-finals. Today, MI will conpete with Gujarat Titans at the Narendra Modi Stadium in Ahmedabad. The team who will win, will face CSK in the IPL final on 28 May 2023, Sunday at the same venue.

Apart from this, Shubman Gill defeated RCB and pushed MI to the qualified to the semi finals. Shubman was the star of the match by 104 runs off just 52 deliveries, including 5 fours and 8 sixes. Many eminent cricket personalities also congratulated him for the win, including the master blaster Sachin Tendulkar.

Click here to see Sachin Tendulkar’s Tweet

Muskesh Ambani | Business Upturn

Altigreen Propulsion explores $85 million funding round, targets production expansion

Mukesh Ambani and Family spotted at the Siddhivinayak temple – WATCH