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Mukesh Ambani-Backed Altigreen Aims to Raise INR 700 Crores to Boost Production
Altigreen, a startup backed by business tycoon Mukesh Ambani, seeks to secure significant funding to expand manufacturing capabilities.
May 30, 2023
Altigreen, an electric vehicle (EV) technology startup supported by Mukesh Ambani, is actively seeking to raise INR 700 crores in a new funding round. The company aims to utilize the funds to ramp up its production capacity and meet the growing demand for its innovative EV solutions.
With the global shift towards sustainable mobility, Altigreen has gained considerable recognition for its cutting-edge technologies in the EV space. The startup focuses on retrofitting conventional vehicles with electric powertrain systems, enabling a seamless transition to cleaner and more efficient transportation.
The fundraising initiative is part of Altigreen's strategic plans to scale up its operations and fulfill the burgeoning market requirements. The company has set ambitious targets for expanding its manufacturing facilities, enhancing research and development efforts, and strengthening its supply chain infrastructure.
Altigreen's proprietary EV technologies have garnered attention for their affordability, reliability, and adaptability to various vehicle types. By retrofitting existing vehicles with electric powertrain systems, Altigreen aims to accelerate the adoption of EVs in India and contribute to the country's sustainable mobility goals.
The involvement of Mukesh Ambani, the Chairman of Reliance Industries, as a key backer further solidifies Altigreen's position in the market. Ambani's support not only provides financial backing but also brings valuable industry expertise and strategic guidance to the startup.
Altigreen's commitment to innovation and sustainability aligns with Mukesh Ambani's vision for a greener and more sustainable future. Through this funding round, Altigreen aims to leverage Ambani's network and expertise to fuel its growth trajectory and establish itself as a prominent player in the evolving EV landscape.
As Altigreen moves forward with its fundraising efforts, the startup anticipates attracting investments from strategic partners, venture capitalists, and other industry players interested in the electrification of transportation and sustainable mobility solutions.
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