RIL chairman Mukesh Ambani-backed Altigreen Propulsion Labs Pvt Ltd. is looking to ramp up operations as it looks to ramp up operations, the report said.
Bloomberg cites sources who have contributed to the report, saying the electric cargo vehicle maker is looking to ramp up production and invest in new models.
The company is seeking a valuation of $350 million in the new round, the report said, adding that some of its existing investors could sell their shares.
Altigreen, established in 2013 in Bengaluru, designs and manufactures electric cargo three-wheelers and has a production capacity of 55,000 vehicles, according to its website. The company raised around Rs 300 million in a series A round last year, led by Sixth Sense Ventures. Ambani's Reliance New Energy Ltd. Xponentia Capital Partners, Momentum Venture Capital and Accurant International also participated.
The company's manufacturing operations expanded last year with an investment of 80 lakh rupees in a new production facility in Malur, Karnataka.
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