Ather Energy Raises $ 128 Million in a Funding Round
Electric scooter maker Ather Energy has raised $128 million in a funding round led by National Investment and Infrastructure Fund (NIIF) and existing investor Hero MotoCorp.
Tarun Mehta, cofounder, Ather Energy says, “the funds will be used for expanding manufacturing facilities, to grow the company's retail network, and for research and development and charging infrastructure. The largest chunk of investment will go into investing in capacity - not just our own capacity but also that of the supply chain so that it can scale quickly. Overall, our components are fairly unique, so we have to make sure that our suppliers can invest for us. So a fair bit of capacity will go towards that.”
According to the company, it is yet to reach $1 billion in value. Ather's rival Ola Electric is valued at over $5 billion.
aligned to India’s green transition mission, the two-wheeler electric vehicles industry is expected to grow significantly in the coming years
Padmanabh Sinha, executive director & chief investment officer – Growth Equity , NIIF says, "aligned to India’s green transition mission, the two-wheeler electric vehicles industry is expected to grow significantly in the coming years. Ather Energy has indigenously designed and developed superior, well-tested products with a high degree of domestic sourcing of components and adaptability to Indian conditions."