Altigreen Propulsion Labs Pvt Ltd. is considering raising about Rs 7 billion ($85 million) in a new funding round as the Indian electric cargo vehicle maker looks to ramp up its 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 as the information is private. 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.
