Get All Access for $5/mo

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

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Twitter

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."

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
Business News

Apple Is Adding ChatGPT to iPhones This Week. Here's How It Works.

ChatGPT will take over questions that Siri can't answer.

Growing a Business

5 Effective Strategies to Boost Your Business's Online Presence

Boosting your online presence in 2025 is the key to success for businesses looking to grow. Working on your branding and reputation management is important to drive more sales and improve conversion.

Marketing

He Pitched His First Business at 12 and Sold a Company for 8 Figures When He Was 23. Here's This Gen Z Marketing Expert's Next Big Move.

Griffin Haddrill built a marketing empire working with artists like Justin Bieber and Lil Nas X. Learn how he tapped into Gen Z's digital culture and turned viral campaigns into a business model.

Growing a Business

Why Business Owners Should Streamline Their Operations Now for Success in 2025

As the holiday season and year-end approach, business owners face heightened operational demands, from inventory management to spend control. By streamlining these processes and partnering with flexible suppliers, businesses can maintain efficiency, meet customer needs and focus on growth while navigating this busy period.

Growing a Business

How to Spot Trends and Anticipate Market Shifts Before Your Competition

Discover how to identify disruptive trends before your competitors by mastering the art of anticipating market shifts. Learn strategies for staying ahead and gaining a competitive edge in business.

Personal Finance

This Candlestick Trading Masterclass Can Help You Unlock Passive Income for Your Business

Learn what it takes to make smart investments in the stock market.