Reliance-Backed Altigreen In Talks To Raise $85 Mn, Eyes $350 Mn Valuation

Reliance-Backed Altigreen In Talks To Raise $85 Mn, Eyes $350 Mn Valuation

SUMMARY

The three-wheeler cargo EV maker reportedly plans to use the funds to shore up its production capacity and invest in new models

Altigreen Propulsion cofounder and CEO Amitabh Saran confirmed that the startup is in the middle of raising capital and is looking to close the round by July

Last year, the Bengaluru-based startup said it was mulling to raise up to INR 1,000 Cr in 2023 to expand operations and foray into global markets

Reliance-backed electric vehicle (EV) manufacturer Altigreen Propulsion reportedly plans to raise a funding of $85 Mn (INR 700 Cr) at a valuation of $350 Mn. 

The three-wheeler cargo EV maker plans to use the funds to shore up its production capacity and invest in new models, Bloomberg reported. 

However, the talks are still in early-stages and the contours of the deal could change depending on deliberations, the report said, adding that some of Altigreen’s existing investors could also be looking to sell their shares during the fundraise. 

Altigreen cofounder and CEO Amitabh Saran confirmed to the publication that the startup is in the middle of raising capital and is looking to close the round by July. 

Saran didn’t respond to Inc42’s queries on the issue till the time of publishing this story.

It must be noted that Saran told news agency PTI in October last year that Altigreen was in talks to raise up to INR 1,000 Cr in 2023 to expand operations and foray into global markets. 

Founded in 2013 by Saran, Shalendra Gupta, Lasse Mocklegaard and John Bangura, Altigreen claims to have 27 granted patents and an annual production capacity of 55,000 vehicles. 

In February last year, the Bengaluru-based startup raised INR 300 Cr in a Series A funding round led by Sixth Sense Ventures. The round also saw participation from Reliance New Energy Ltd. 

Aligreen has so far raised a funding of $39 Mn and counts marquee names such as Xponentia Capital Partners, Momentum Venture Capital and Accurant International among its backers. 

The latest development comes at a time when the overall Indian startup ecosystem is reeling under the funding winter. Despite this, investments have continued to trickle into the EV space as venture capital and private equity firms look to cash in on the EV mania.

Earlier this month, early stage VC firm AdvantEdge launched its third fund that would invest $80 Mn-$100 Mn in mobility solutions, especially EV-based startups. 

Last week, EMO Energy bagged $1.2 Mn in a seed round led by Transition VC. Prior to that, another deeptech battery swap platform RACEnergy secured $3 Mn in debt and equity from growX ventures and other investors. 

It was also recently reported that EV two-wheeler manufacturer Okinawa Autotech was mulling raising $100 Mn from private equity firms. The allure of the EV ecosystem has spawned a host of segments within the space, ranging from battery management systems to sustainable mobility. 

As per a report, the homegrown EV market is projected to soar to a market size of $113.99 Bn by 2029.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Reliance-Backed Altigreen In Talks To Raise $85 Mn, Eyes $350 Mn Valuation-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Reliance-Backed Altigreen In Talks To Raise $85 Mn, Eyes $350 Mn Valuation-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Reliance-Backed Altigreen In Talks To Raise $85 Mn, Eyes $350 Mn Valuation-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Reliance-Backed Altigreen In Talks To Raise $85 Mn, Eyes $350 Mn Valuation-Inc42 Media
Reliance-Backed Altigreen In Talks To Raise $85 Mn, Eyes $350 Mn Valuation-Inc42 Media
You’re in Good company