Ather Energy today announced that it has completed a Series E funding round in which it has raised $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.
Ather Energy said that it plans to use the funding to expand manufacturing facilities, invest in research and development, charging infrastructure and to grow its retail network.
This comes after the company raised $35 million in its Series D funding, led by Sachin Bansal’s investment of $23 million in November 2020 and $51 million in 2019.
Ather said that it registered the highest ever monthly sales in April 2022
delivering 3,779 units to customers and added that orders for Ather 450X were up 25% quarter-on-quarter. It is now precent in 32 cities, has 38 Experience Centres and aims to expand to 150 Experience Centres in 100 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. 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:
Aligned to India’s green transition mission, the electric two-wheeler industry is expected to grow significantly in the coming years. Ather Energy has indigenously designed and developed products with a high degree of domestic sourcing of components and adaptability to Indian conditions. 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.