Ather Energy has announced that it has raised USD 128 million (around Rs 992 crore) in a fresh, Series E round of funding. The electric vehicle manufacturer signed the investment agreement with the National Investment and Infrastructure Fund Limited’s (NIIFL) Strategic Opportunities Fund (SOF); Hero MotoCorp, a significant shareholder of Ather; as well as other investors. The company plans to use the fresh funding to invest in R&D, expand its manufacturing facilities, charging infrastructure and its retail network.
Commenting on the investment, Tarun Mehta, CEO, Ather Energy, said “We are super excited to have NIIF come on board as an investor. We would also like to thank Hero MotoCorp, our long-term investor and strategic partner who continues to support our growth. The current round of investment will help us enhance capacities across the board, bring additional focus on new platforms, expand into new geographies, expand our fast-charging network.”
This will be the NIIFL’s first direct investment in the manufacturing sector and in electric mobility, both areas of national importance given India’s green mission and decarbonisation goals. The investment enables NIIFL to play a role in mainstreaming the electric two-wheeler sector in India at an early stage of development and to support first-generation local entrepreneurs in building a new product with a high level of indigenisation.
Ather Energy registered the highest ever monthly sales in April 2022, delivering 3,779 units to customers. Booking orders for Ather Energy’s flagship product, the Ather 450X, is growing at 25 percent quarter-on-quarter. Ather Energy has presence in 32 cities with 38 Experience Centres and aims to expand to 150 Experience Centres across 100 cities by 2023.