Mukesh Ambani backed EV maker Altigreen likely to raise Rs 700 crore: Report

Mukesh Ambani backed EV maker Altigreen Propulsions Ltd has said that it is mulling to raise about Rs 700 crore, reported Bloomberg. As per the report, the EV maker is looking to ramp up its production and invest in new models.

In a new funding round, the company is seeking a valuation of around $350 million. As per Bloomberg, the existing share holders are likely to sell their shares. Altigreen CEO Amitabh Saran has confirmed to Bloomberg that the company aims to wrap up its latest funding round by July.

Altigreen was founded in 2013 and is based on Bengaluru. The EV maker designs and manufactures electric cargo and has an annual production capacity of 55,000 vehicles. The company with an investment of Rs 80 crore had expanded its manufacturing capacity in a new production facility in Malur, Karnataka last year.