Altigreen Propulsion to raise $85 million in funds at a valuation of $350 million

Share via:

Altigreen Propulsion, an electric vehicle (EV) manufacturer backed by Reliance Industries, to raise $85 million (INR 700 crore) in funding at a valuation of $350 million. The Bengaluru-based startup, known for its three-wheeler cargo EVs, aims to utilize the funds to enhance its production capacity and invest in new models, according to Bloomberg.

While the discussions are still in the early stages, the details of the deal could be subject to change based on ongoing deliberations. Additionally, some of Altigreen’s existing investors may consider selling their shares during the fundraising process. Altigreen’s co-founder and CEO, Amitabh Saran, confirmed to the publication that the company is currently in the midst of raising capital and intends to close the round by July.

Altigreen had previously revealed plans to raise up to INR 1,000 crore in 2023 for expanding operations and venturing into global markets, as Saran had mentioned in an interview with news agency PTI in October last year. Since its establishment in 2013 by Saran, Shalendra Gupta, Lasse Mocklegaard, and John Bangura, Altigreen claims to hold 27 granted patents and has an annual production capacity of 55,000 vehicles.

In February last year, Altigreen secured INR 300 crore in a Series A funding round led by Sixth Sense Ventures, with participation from Reliance New Energy Ltd. To date, the company has raised a total of $39 million and boasts notable investors such as Xponentia Capital Partners, Momentum Venture Capital, and Accurant International.

While the Indian startup ecosystem is currently facing a funding slowdown, investments in the EV space have continued as venture capital and private equity firms seek to capitalize on the growing EV market. Several EV-based startups have recently secured funding, including EMO Energy, RACEnergy, and Okinawa Autotech, indicating the diverse segments emerging within the EV ecosystem, ranging from battery management systems to sustainable mobility.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Popular

More Like this

Altigreen Propulsion to raise $85 million in funds at a valuation of $350 million

Altigreen Propulsion, an electric vehicle (EV) manufacturer backed by Reliance Industries, to raise $85 million (INR 700 crore) in funding at a valuation of $350 million. The Bengaluru-based startup, known for its three-wheeler cargo EVs, aims to utilize the funds to enhance its production capacity and invest in new models, according to Bloomberg.

While the discussions are still in the early stages, the details of the deal could be subject to change based on ongoing deliberations. Additionally, some of Altigreen’s existing investors may consider selling their shares during the fundraising process. Altigreen’s co-founder and CEO, Amitabh Saran, confirmed to the publication that the company is currently in the midst of raising capital and intends to close the round by July.

Altigreen had previously revealed plans to raise up to INR 1,000 crore in 2023 for expanding operations and venturing into global markets, as Saran had mentioned in an interview with news agency PTI in October last year. Since its establishment in 2013 by Saran, Shalendra Gupta, Lasse Mocklegaard, and John Bangura, Altigreen claims to hold 27 granted patents and has an annual production capacity of 55,000 vehicles.

In February last year, Altigreen secured INR 300 crore in a Series A funding round led by Sixth Sense Ventures, with participation from Reliance New Energy Ltd. To date, the company has raised a total of $39 million and boasts notable investors such as Xponentia Capital Partners, Momentum Venture Capital, and Accurant International.

While the Indian startup ecosystem is currently facing a funding slowdown, investments in the EV space have continued as venture capital and private equity firms seek to capitalize on the growing EV market. Several EV-based startups have recently secured funding, including EMO Energy, RACEnergy, and Okinawa Autotech, indicating the diverse segments emerging within the EV ecosystem, ranging from battery management systems to sustainable mobility.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Website Upgradation is going on for any glitch kindly connect at office@startupnews.fyi

More like this

Why a16z, Lightspeed bet on this Singapore parent-tech startup

K-ID aims to streamline game onboarding for parents...

$520B state-owned Italian bank trials digital bonds on Polygon

The trial was part of an initiative set...

Trump shooter used Android phone from Samsung; cracked by...

Earlier this week, the FBI announced that it...

Popular

Upcoming Events

Startup Information that matters. Get in your inbox Daily!