Altigreen Propulsion Labs Pvt Ltd. is considering raising about 7 billion rupees ($85 million) in a 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. Deliberations are at an early stage and details of the fundraising could still change, the people said. Founded in 2013, Altigreen designs and manufactures electric cargo three-wheelers and has an annual production capacity of 55,000 vehicles, according to its website. The firm raised around 3 billion rupees in a series A round last year that was led by Sixth Sense Ventures. Ambani’s Reliance New Energy Ltd., Xponentia Capital Partners, Momentum Venture Capital and Accurant International also participated.

Source: Mint May 29, 2023 21:09 UTC