Business

Mukesh Ambani-backed EV Maker Altigreen is Said to Weigh Raising $85 million

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.

Plans to raise money

 

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.

Also Read: UAE To Open New Consulate In Hyderabad To Meet Demand For Visas, Boost Business

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.

About the company

 

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.

Also Read: India’s Wheat Output Set To Touch A New Record At 112.74 Million Tonnes In 2022-23: Govt Data

 

Malika Sahni

Recent Posts

Renowned Folk Singer Sharda Sinha Passes Away At 72; PM Modi Expresses Condolences

PM Modi expressed sorrow over Sinha’s death. "The passing of Sharda Sinha ji is deeply…

7 hours ago

US Election: India Confident Of Strong US Relations And Quad Continuity, Says Jaishankar

Jaishankar noted that the US-India relationship has flourished under both Democratic and Republican leadership, including…

8 hours ago

Sanskriti Diwas Marks 98th Birth Anniversary Of Kashiraj Dr Vibhuti Narayan Singh

Program coordinator Chakravarti Vijay Navad announced that 11 prominent individuals received the Kashiraj Dr. Vibhuti…

8 hours ago

Mallikarjun Kharge Slams ‘Batenge Toh Katenge’ Slogan During Jharkhand Campaign

Kharge emphasized that the BJP leaders promote divisive rhetoric as part of their agenda. He…

10 hours ago

Police Arrest Two In Fake Marriage Certificate Racket In Name Of Arya Samaj

DCP Nagar Abhishek Bharti revealed that five couples, including Shivani and Shrikant Yadav, recently filed…

10 hours ago

India And Nigeria Strengthen Counter-Terrorism Cooperation In Second Strategic Dialogue

Doval and Ribadu held detailed talks on challenges linked to terrorism and radicalization, including those…

11 hours ago