Ather Energy raises funding from Hero Moto Corp and other investors
The electric-scooter industry is facing a lot of scrutiny but Ather Energy continues to surge ahead as it secures a fresh round of funding. The additionally acquired funds will be used to expand manufacturing and charging infrastructure among other things.
By Dhruv Paliwal
Last month, Ather posted its best monthly numbers, just a touch under 4,000 units, since it began selling scooters.
Ather Energy, one of the leading electric-scooter manufacturers in India, has received funding of $ 128 million from, among others, Hero Moto Corp and National Investment and Infrastructure Fund Limited, which is a Government of India entity.
With this new round of funding (Series E), Ather Energy has raised capital to invest in R&D, expand its manufacturing facilities and charging infrastructure, and grow its retail network. All this means that Ather will start offering more updates, more products, and faster deliveries. It will also expand its presence to more cities.
Tarun Mehta, the CEO of Ather Energy, had this to say: '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. 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.'
Ather Energy was also in the news just last month as the electric-scooter manufacturer posted its best monthly numbers to date. Currently, it only makes the 450X.
