Reliance-backed EV Maker Altigreen Likely To Raise $85 Mn: Report

Reliance-backed electric vehicle (EV) manufacturer Altigreen Propulsion reportedly plans to raise a USD 85 Mn ( Rs 700 cr) at a valuation of USD 350 million. According to media reports,  the company plans to use the funds to shore up its production capacity and invest in new models.

However, the talks are still in their early stages, and the deal's contours may vary based on discussions. Reports added that some of Altigreen's existing investors may be looking to sell their shares during the fundraise.  

For context, last year, Altigreen was in talks to raise up to Rs 1,000 crore in 2023 to expand operations and foray into global markets.  Founded in 2013 by Saran, Shalendra Gupta, Lasse Mocklegaard and John Bangura, the EV maker claims to have 27 granted patents and an annual production capacity of 55,000 vehicles.

The Bengaluru-based based company raised Rs 300 crore in a Series A fundraising round led by Sixth Sense Ventures in February of last year. Reliance New Energy also took part in the round. Aligreen has so far received USD 39 million in capital from investors including Xponentia Capital Partners, Momentum Venture Capital, and Accurant International. 

Despite the funding winter in the startup ecosystem, investments in the EV market have continued to flow in as venture capital and private equity groups attempt to capitalise on the EV boom.