Mukesh Ambani-Backed EV Firm Altigreen Expects To Raise INR 700 Crore FundingThe Indian electric cargo vehicle manufacturer reportedly expects to ramp up production and invest in new models

Altigreen Propulsion Labs Pvt Ltd is looking to raise about INR 700 crore in a new funding round as the Indian electric cargo vehicle manufacturer expects to ramp up production and invest in new models, according to a Bloomberg report, citing close sources aware of the matter.

The electric vehicle company is seeking a valuation of around $350 million in the new round and some of its existing investors could tag along and sell their shares, the people said as quoted by Bloomberg. In addition, they reportedly added that discussions in this regard are at an early stage and details of the fundraising could still change.

Altigreen chief executive officer Amitabh Saran confirmed to Bloomberg News that the company is in the midst of fundraising and targets to wrap it up by July.

As per the company's official website, Altigreen, founded in 2013, has an annual production capacity of 55,000 vehicles. In a series A round last year, which had the participation from Ambani's Reliance New Energy Ltd., Xponentia Capital Partners, Momentum Venture Capital and Accurant International, the firm raised around INR 300 crore as well.

During this funding event, Nikhil Vora, founder and chief executive officer, Sixth Sense, had commented that, "We draw comfort from Altigreen's primary focus on the 3W segment within the EV space, which fundamentally is less cluttered and under-penetrated, as well as benefits multiple stakeholders in the value chain from e-commerce players to consumers."