Altigreen Propulsion Labs Pvt Ltd. is considering raising about Rs 700 crore ($85 million) in a new funding round as the Indian electric cargo vehicle maker looks to ramp up its production and invest in new models, according to people familiar with the matter.The company, which counts billionaire Mukesh Ambani among its backers, is seeking a valuation of around $350 million in the new round, said one of the people, who asked not to be identified as the information is private. Some of its existing investors could tag along and sell their shares, the people said.Deliberations are at an early stage and details of the fundraising could still change, the people said. Altigreen Chief Executive Officer Amitabh Saran confirmed to Bloomberg News that the company is in the midst of fundraising and targets to wrap it up by July.Founded in 2013, Altigreen designs and manufactures electric cargo three-wheelers and has an annual production capacity of 55,000 vehicles, according to its website. The firm raised around Rs 300 crore in a series A round last year that was led by Sixth Sense Ventures. Ambani’s Reliance New Energy Ltd., Xponentia Capital Partners, Momentum Venture Capital and Accurant International also participated. From Doom to Bloom: The turnaround story of Indian banks’ bad loans and profitsAir India growing substantially; hiring 600 cabin crew members, pilots every month: CEO Campbell WilsonPM Modi flags off Guwahati-NJP Vande Bharat ExpressMukesh Ambani-backed EV maker Altigreen is said to weigh raising $85 millionONGC to invest Rs 1 lakh cr in energy transition, targets net-zero by 2038BPCL teams up with BARC to scale up alkaline electrolyzer tech for green hydrogen productionMG Motor drives in Gloster Blackstorm edition at Rs 40.29 lakhXiaomi signs up Optiemus for Bluetooth audio products manufacturingONGC Videsh has less than $100 mn stuck in Russia, says officialPilots offered extra Rs 1 lakh per month to stay at Go Air