In a Series E fundraising round headed by NIIFL’s SOF and Hero MotoCorp, Ather Energy raised $128 million. The cash will be used to expand manufacturing facilities, invest in R&D, charging infrastructure, and expand the company’s retail network.
One of India’s premier electric two-wheeler producers, Ather Energy announced today that its Series E round of investment has been completed. In its most recent round of financing, the company raised $128 million. The Strategic Opportunities Fund (SOF) of the National Investment and Infrastructure Fund Limited (NIIFL) and Hero MotoCorp have headed the charge.
It’s worth noting that Hero MotoCorp is a major shareholder in Ather Energ’y, and the firm has just re-invested alongside other investors. The funds will be used by Ather Energy to expand its manufacturing facilities, invest in research and development (R&D), charging infrastructure, and extend its retail network.
Following a successful start to the year, Ather Energy claims it delivered 3,779 units to clients in April 2022, marking the company’s highest monthly sales ever. Booking orders for the Ather 450X are claimed to be increasing at a quarter-on-quarter rate of 25%. Ather Energy now operates 38 Experience Centres in 32 Indian cities, with plans to grow to 150 Experience Centres in 100 Indian cities by 2023.
Commenting on the investment, Tarun Mehta, CEO, Ather Energy, said “The switch to electric is inevitable and FY 22′ was the turning point for electric two-wheeler adoption in India. We are super excited to have NIIF come on board as an investor. They have been at the forefront of the country’s green transition through their investments and initiatives, and we look forward to our association.”
He added, “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 and double down on the reputation we’ve built for making a product that’s high on quality.”
Padmanabh Sinha, Executive Director & Chief Investment Officer – NIIFL, said, “We are excited to partner with Ather Energy’s founders and management team who have developed deep expertise in the industry, developed a robust IP portfolio, and built strong manufacturing and distribution capabilities. We are also impressed with Ather Energy’s partnerships for component manufacturing, charging infrastructure and customer financing.”
