Altigreen Propulsion Labs is mulling securing around Rs 700 crore (US$ 85 million), as it looks to bolster production and fund new models, Bloomberg reported citing persons in the know. 

The firm, which includes the likes of Mukesh Ambani as an investor, is looking at a US$ 350 million valuation in the fresh capital raise, one of the sources told Bloomberg on condition of anonymity. Sources informed the newswire that some of the investors could dispose of their shares.

Talks are at a nascent stage and the contours of the capital raise are subject to change, Bloomberg reported. Altigreen chief Amitabh Saran told Bloomberg News that the firm was in the middle of securing funds, and aimed to close it by July. 

Altigreen makes electric cargo three-wheelers, and has an annual production capacity of 55,000 vehicles, as per the website, Bloomberg reported. The company raised Rs 300 crore in Series A funding the previous year, with Sixth Sense leading the capital raise, with participation from Reliance New Energy, Accurant International, and Momentum Venture Capital alongside Xponentia Capital Partners, Bloomberg reported.