Altigreen Propulsion Labs Pvt Ltd, an organization backed by Mukesh Ambani’s Reliance, is mulling elevating Rs 700 crore. The firm manufactures electrical cargo three-wheelers.
The firm counts Mukesh Ambani as its backers. If the corporate will get funding on the valuation it seeks, it can come to be round 350 million {dollars} (Rs 2895 crore).
The firm is hoping to wrap the fundraising train by July.
The firm was based in 2013 by Amitabh Saran, who can be his CEO.
The firm’s annual manufacturing is 55000. The firm raised Rs 300 crore final yr.
Mukesh Ambani’s Reliance New Energy Limited was among the many traders.
The firm final yr entered an settlement with Altigreen to speculate Rs 50.16 crore.
The firm has over two dozen patents.
Most of the businesses try to make it large in a nascent electrical automobile market in India.
Anant Saran is a serial investor. He based Buzzintown.com which was acquired by Yatra.com.
He was CTO at TriVium Systems.
He was additionally the Chief Architect at HP.
He was additionally a mission supervisor at NASA. He did a PHD from America’s UC Santa Barbara. He did engineering from Motilal Nehru National Institute Of Technology.
