Indian cargo vehicle maker, Altigreen Propulsion Labs Pvt Ltd. is considering boosting its production and investing in new models. As a result, the Mukesh Ambani-backed company intends to raise Rs 700 crore ($85 million) in a new funding round.
Reportedly, the company is seeking a valuation of around $350 million in the new round. According to the people who asked not to be identified, in order to obtain the goal, some of the company’s existing investors may also tag along and sell their shares.
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The people said that because the deliberations were in an early stage, the fundraising’s specifics might still change. Amitabh Saran, the chief executive officer of Altigreen, told Bloomberg News that the company is currently raising money and hopes to finish by the end of July.
Altigreen was established in 2013. The company designs and manufactures electric cargo three-wheelers with an annual production capacity of 55,000 vehicles. Approximately 3 billion rupees were raised by the company in a series A round led by Sixth Sense Ventures last year. Accurant International, Xponentia Capital Partners, Momentum Venture Capital, and Ambani’s Reliance New Energy Ltd. also took part.
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