Altigreen Propulsion, an electric vehicle (EV) maker funded by Reliance, allegedly intends to raise USD 85 million (Rs 700 cr) at a USD 350 million value. Media sources state that the corporation intends to make investments in new models and strengthen its production capability with funding.
However, the negotiations are currently in the beginning phases, and the specifics of the arrangement may change depending on the conversations. According to reports, some of Altigreen's current shareholders might opt to trade their shares during the fundraising.
To put things in perspective, Altigreen was in discussions last year about raising Rs 1,000 crore in 2023 to grow operations and enter international markets. The electric vehicle manufacturer, which was established in 2013 by Saran, Shalendra Gupta, Lasse Mocklegaard, and John Bangura, declares to have 27 approved patents and a capacity to produce 55,000 vehicles annually.
In February of the previous year, Sixth Sense Ventures managed a Series A fundraising phase for the Bengaluru-based business that received Rs 300 crore. In the round, Reliance New Energy also participated. Buyers which include Xponentia Capital Partners, Momentum Venture Capital, and Accurant International have contributed USD 39 million to Aligreen so far.
Even though the startup ecosystem has been experiencing a financing winter, venture capital, and private equity firms have continued to pour money into the EV business to profit from the surge in electric vehicles.
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