Altigreen Propulsion Labs Pvt Ltd, a company backed by Mukesh Ambani's Reliance, is mulling raising Rs 700 crore. The company manufactures electric cargo three-wheelers.
The company counts Mukesh Ambani as its backers. If the company gets investment at the valuation it seeks, it will come to be around 350 million dollars (Rs 2895 crore).
The company is hoping to wrap the fundraising exercise by July.
The company was founded in 2013 by Amitabh Saran, who is also his CEO.
The company's annual production is 55000. The company raised Rs 300 crore last year.
Mukesh Ambani's Reliance New Energy Limited was among the investors.
The company last year entered an agreement with Altigreen to invest Rs 50.16 crore.
The company has over two dozen patents.
Most of the companies are attempting to make it big in a nascent electric vehicle market in India.
Anant Saran is a serial investor. He founded Buzzintown.com which was acquired by Yatra.com.
He was CTO at TriVium Systems.
He was also the Chief Architect at HP.
He was also a project manager at NASA. He did a PHD from America's UC Santa Barbara. He did engineering from Motilal Nehru National Institute Of Technology.