Altigreen Propulsion Labs Pvt Ltd has revealed its plans to secure Rs 700 crore ($85 million) in a new funding round.
The Indian electric cargo vehicle maker looks to ramp up production and invest in new models, according to people familiar with the matter.
The company, which counts billionaire Mukesh Ambani among its backers, is seeking a valuation of around $350 million in the new round, said one of the people, who asked not to be identified. Some of its existing investors could tag along and sell their shares, the people said.
Deliberations are at an early stage and details of the fundraising could still change, the people said.
Altigreen Chief Executive Officer Amitabh Saran confirmed that the company is fundraising and targets to wrap it up by July.
Founded in 2013, Altigreen designs and manufactures electric cargo three-wheelers and has an annual production capacity of 55,000 vehicles.
The firm raised around Rs 300 crore in a series A round last year that was led by Sixth Sense Ventures.
Ambani’s Reliance New Energy Ltd., Xponentia Capital Partners, Momentum Venture Capital and Accurant International also participated.