Ather Energy Raises $128 Million Funding
Electric two-wheeler maker, Ather Energy announced the completion of its Series E round of funding with the signing of investment agreements amounting to $128 million with National Investment and Infrastructure Fund Limited’s (NIIFL) Strategic Opportunities Fund (SOF), and Hero MotoCorp, a significant shareholder of Ather, and additional investors.
The company says that it will use the funding to expand manufacturing facilities, invest in Research and Development, charging infrastructure, and grow its retail network.
Recently, the company registered the highest ever monthly sales in April 2022 delivering 3,779 units to customers. Ather Energy has a retail sales network across the country with a presence in 32 cities with 38 Experience Centres and aims to expand to 150 Experience Centres in 100 cities by 2023.
Commenting on the investment, Tarun Mehta, CEO of Ather Energy, said “The switch to electric is inevitable and FY 21-22 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. 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 and expand our fast-charging network.”
This is 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 2-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. This will be SOF’s fourth investment following its investments in two infrastructure financing NBFCs (Aseem Infrastructure Finance and NIIF IFL) and a national healthcare chain (Manipal Hospitals).
