Ather Energy raises ₹992 Cr in Series E funding
Ather Energy announced on Thursday that it has managed to raise USD 128 million (around ₹991 crore) from National Investment and Infrastructure Fund Limited's (NIIFL) Strategic Opportunities Fund (SOF) and Hero MotoCorp along with additional investors. The latest round marks the completion of the company's Series E round of funding, The company announced in a recent press note.
The EV maker from Bengaluru added that it plans to utilise the latest funds for expansions of its production facilities, as well as research and development, and charging infrastructure in order to boost its retail chain. "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," said Tarun Mehta, CEO at Ather Energy.
The 450X-maker announced previously that it has managed to register its highest ever monthly sales in April 2022. The company delivered 3,779 units to customers which is its best retail performance yet. Also, the bookings for its flagship EV - Ather 450X grew by 25% in terms of quarter-on-quarter performance.
“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," Mehta added.
Ather Energy has a robust retail sales network across the country, with a presence in 32 cities with 38 Experience Centres. It aims to expand to 150 Experience Centres in 100 cities by 2023, the company said.
(With Agency Inputs)