Ather Energy completed its Series E round of funding with signing of investment agreements amounting to $128 million with National Investment and Infrastructure Fund Limited’s (NIIFL) Strategic Opportunities Fund (SOF) and Hero MotoCorp, a significant shareholder of Ather, and other investors. The electric two-wheeler maker plans to use the funding to expand manufacturing facilities, invest in R&D, charging infrastructure and grow its retail network.
This will be NIIFL’s first direct investment in the manufacturing sector and in electric mobility, both areas of national importance given India’s green mission and decarbonisation goals. The investment enables NIIFL to play a role in mainstreaming the electric two-wheeler sector in India at an early stage of development and to support first generation local entrepreneurs in building a new product with a high level of indigenisation.
Padmanabh Sinha, Executive Director & Chief Investment Officer - NIIFL, said, “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.”
Commenting on the investment, Tarun Mehta, CEO, Ather Energy, said “We are super excited to have NIIF come on board as an investor. 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.”
Ather Energy registered the highest ever monthly sales in April 2022 delivering 3,779 units to customers. Booking orders for Ather Energy’s flagship product, the Ather 450X is growing at 25% quarter-on-quarter. Ather Energy has presence in 32 cities with 38 Experience Centres and aims to expand to 150 Experience Centres across 100 cities by 2023.