Technology

Three-Wheeler EV Maker Backed By Mukesh Ambani Explores $85 Million Funding Round

Swarajya StaffMay 30, 2023, 10:37 AM | Updated 10:39 AM IST
Electric cargo vehicle offered by Altigreen.

Electric cargo vehicle offered by Altigreen.


Altigreen Propulsion Labs is planning to raise approximately $85 million in a new funding round to expand production and develop new models, according to insiders familiar with the matter.

The Indian electric cargo vehicle manufacturer, backed by billionaire Mukesh Ambani, aims to achieve a valuation of around $350 million in this funding round. Existing investors may also have the opportunity to sell their shares alongside the new investment, the sources added.


Altigreen, founded in 2013, specializes in the design and production of electric cargo three-wheelers. Their website indicates an annual production capacity of 55,000 vehicles.

In a series A round last year, the company secured approximately 3 billion rupees with the participation of Sixth Sense Ventures as the lead investor. Other participants included Reliance New Energy Ltd. (owned by Mukesh Ambani), Xponentia Capital Partners, Momentum Venture Capital, and Accurant International.

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