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Altigreen Propulsion Labs Pvt Ltd. is considering raising about Rs 7 billion ($85 billion) in the new funding round as the Indian electric cargo vehicle maker looks to ramp up its production and invest in new models, according to people familiar with the matter.
The company has Reliance Industries chairman billionaire Mukesh Ambani on board of its investors, is seeking a valuation of around $350 million in the new round, as revealed by sources who has asked to remain anonymous. It was further revealed that some of the existing investors could tag along and sell their shares.
Deliberations are at an early stage and details of the fundraising still have the potential to change. The company’s CEO Amitabh Saran has confirmed to Bloomberg News that the company is in the midst of fundraising and are planning to wrap it up by July.
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The company, which mainly deals in production of electric cargo of three-wheelers, was founded in 2013. It have a capacity of producing 55,000 vehicles annually, as per its website. The company has managed to raise Rs 3 billion in series a funding which included Ambani’s Reliance New Energy Ltd.
