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Meet Amitabh Saran, ex-NASA employee, CEO of Mukesh Ambani-backed company seeking Rs 2,800 crore valuation

Former NASA engineer Amitabh Saran’s Altigreen Propulsion Labs is seeking a fresh round of funds to the tune of Rs 700 crore ($85 million).

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Former NASA employee Amitabh Saran founded Altigreen Propulsion Labs with a vision to be a stakeholder in India’s journey to become an EV superpower. The Bengaluru-based company which makes electric mobility solutions for last mile connectivity bagged Rs 300 crore Series A funding in 2022. The investors included Mukesh Ambani’s Reliance New Energy Ltd (RNEL). 

Saran’s company, which he heads as CEO, is now seeking a fresh round of funds to the tune of Rs 700 crore ($85 million), as per a latest Economic Times report citing people aware of the matter. The Ambani-backed EV maker is looking to achieve a valuation of around $350 million (around Rs 2,891 crore), the report added. Altigreen is in the process of raising fresh funds and could close it by July, CEO Saran confirmed to Bloomberg News, it added. 

Saran founded Altigreen Propulsion Labs in 2013 as an electric vehicle company. Hailing from Uttar Pradesh capital Lucknow, Dr Amitabh Saran did his schooling from his hometown and Dehradun before going on to study computer science engineering at Motilal Nehru National Institute of Technology in Prayagraj. He has a PhD in Computer Science from the UC Santa Barbara in the US.

In a long corporate career, Amitabh worked for the top global space agency NASA as well as leading MNCs like TCS, Philips, and HP. Before Altigreen, he had co-founded and led Buzzintown.com, which was later acquired by Yatra online in 2012.

Amitabh’s journey as an EV entrepreneur started with a “fit-and-forget” kit which was a solution to transform any vehicle into a hybrid electric vehicle, according to a The Better India report. His company makes electric three-wheel vehicles for cargo purposes called Altigreen neEV. Altigreen has a production capacity of 50,000 units per year, the ET report added.

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