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Ather Energy raises ₹992 Cr in Series E funding

Ather Energy has managed to boost USD 128 million (round 991 crore) from National Investment and Infrastructure Fund Limited’s (NIIFL) Strategic Opportunities Fund (SOF) and Hero MotoCorp together with further buyers.

By : HT Auto Desk
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Updated on:
12 May 2022, 08:51 PM

Ather 450X
Ather 450X

Ather Energy introduced on Thursday that it has managed to boost USD 128 million (round 991 crore) from National Investment and Infrastructure Fund Limited’s (NIIFL) Strategic Opportunities Fund (SOF) and Hero MotoCorp together with further buyers. The newest spherical marks the completion of the company’s Series E spherical of funding, The company introduced in a current press be aware.

The EV maker from Bengaluru added that it plans to utilise the newest funds for expansions of its manufacturing services, in addition to analysis and growth, and charging infrastructure in order to spice up 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,” stated Tarun Mehta, CEO at Ather Energy.

(Also Read: Ather Energy rolls out OTA updates, gives new journey mode to attain ‘true range’)

The 450X-maker introduced beforehand that it has managed to register its highest ever month-to-month gross sales in April 2022. The company delivered 3,779 models to prospects which is its greatest retail efficiency but. Also, the bookings for its flagship EV – Ather 450X grew by 25% in phrases of quarter-on-quarter efficiency.

“We would additionally prefer to thank Hero MotoCorp, our long-term investor and strategic associate who continues to help our development. The present spherical of funding will assist us improve capacities throughout the board, carry further deal with new platforms, develop into new geographies, develop our fast-charging community and double down on the repute we have constructed for making a product that is excessive on high quality,” Mehta added.

Ather Energy has a sturdy retail gross sales community throughout the nation, with a presence in 32 cities with 38 Experience Centres. It goals to develop to 150 Experience Centres in 100 cities by 2023, the company stated.

(With Agency Inputs)

First Published Date: 12 May 2022, 08:49 PM IST

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