Mukesh Ambani (File Photo)
For electric mobility in the country, the government has set a target of converting the delivery and cargo fleet completely to electric. In this mission of the government, the country’s richest person Mukesh Ambani is also going to support. However, this time he is going to do this work behind the scenes, and an electric vehicle company funded by Mukesh Ambani is planning to raise Rs 700 crore.
Altgreen Propulsion Labs Pvt Ltd is working on a plan to raise Rs 700 crore. The company manufactures electric cargo vehicles, which are used to deliver goods across the country. After the expansion of e-commerce, the demand for such vehicles has increased in the country.
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The company’s valuation is Rs 2890 crore.
Altgreen Propulsion is planning to raise funds this time at a valuation of $350 million (about Rs 2890 crore). A source aware of the matter said that some of the company’s existing investors may sell their stake in this funding round. At the same time, some are also expected to increase their shareholding.
However, this planning of the company is still at a very early stage. There may be a change in the details related to fund raising in the coming times. In a Bloomberg news, the fund raising plan has been confirmed by Amitabh Saran, CEO of Altgreen Propulsion. The company can complete the fund raising work by July.
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Altgreen Propulsion was formed in 2013
Altgreen was established in the year 2013. This company does everything from designing to manufacturing of electric cargo vehicles. According to the company’s website, it produces 55,000 electric 3-wheeler cargo vehicles annually. The company had raised A-Series round funding last year. In this, the company raised Rs 3 billion.
Sense Ventures, Reliance Group’s Reliance New Energy Limited, Exponentia Capital Partners, Momentum Venture Capital and Accurent International had invested in the company in the A-Series round. Reliance Industries has invested around Rs 50 crore in the company. Reliance made this investment in exchange for 34,000 Compulsory Convertible Preference Shares of face value of Rs 100 each.
After getting the new funding, the entire focus of the company will be on increasing its production capacity. Apart from this, the company will also strengthen its service and retail network.
