Amitabh Saran, a former NASA engineer, is currently seeking a new round of funding worth Rs 700 crore ($85 million) for his company, Altigreen Propulsion Labs.
Amitabh Saran, a former employee of NASA, founded Altigreen Propulsion Labs with the goal of being a significant player in India’s quest to become a leading force in the electric vehicle (EV) industry. This Bengaluru-based company specializes in developing electric mobility solutions for last-mile connectivity. In 2022, Altigreen Propulsion Labs secured Rs 300 crore in Series A funding, with investors such as Reliance New Energy Ltd (RNEL), owned by Mukesh Ambani.
According to a recent report from the Economic Times, Amitabh Saran, the CEO of Altigreen Propulsion Labs, is currently seeking a new round of funding amounting to Rs 700 crore ($85 million). The company, which is backed by Ambani, aims to achieve a valuation of approximately $350 million (around Rs 2,891 crore). Altigreen is actively engaged in raising additional funds and plans to conclude the process by July, as confirmed by CEO Saran to Bloomberg News.
Dr. Amitabh Saran, originally from Lucknow, the capital of Uttar Pradesh, founded Altigreen Propulsion Labs in 2013 with a focus on electric vehicles. He completed his schooling in Lucknow and Dehradun before pursuing a degree in computer science engineering at Motilal Nehru National Institute of Technology in Prayagraj. Dr. Saran holds a Ph.D. in Computer Science from UC Santa Barbara in the United States.
During his extensive corporate career, Amitabh worked for renowned organizations including the global space agency NASA, as well as leading multinational companies such as TCS, Philips, and HP. Prior to founding Altigreen, he co-founded and served as a leader at Buzzintown.com, which was subsequently acquired by Yatra online in 2012.
Amitabh embarked on his journey as an EV entrepreneur by introducing a “fit-and-forget” kit, a transformative solution capable of converting any vehicle into a hybrid electric vehicle, as reported by The Better India. His company specializes in manufacturing Altigreen neEVs, which are electric three-wheel vehicles designed for cargo applications. According to the report from ET, Altigreen has a production capacity of 50,000 units per year.