Ather Energy raises $128 mn led by NIIF's SOF, Hero MotoCorp & others
Ather Energy, India's leading electric two-wheeler company, raised US$ 128 million in a Series-E round of funding led by the National Investment and Infrastructure Fund's (NIIF), Strategic Opportunities Fund (SOF) and Hero MotoCorp, a significant shareholder in Ather, which has again invested and continues to hold a 35% stake after the fresh infusion.
The funds will be used by Ather Energy to expand manufacturing facilities, invest in research and development, charging infrastructure and grow its retail network. The company is expected to increase its capacity from 10,000 a month to 35,000 a month by this year, according to Mr. Tarun Mehta, CEO of Ather Energy.
In addition to the single scooter platform on which the company currently operates, the funds will also be used to establish two more scooter platforms. Further, the funds raised will also be used to help the company support its 100 odd suppliers who provide it with customised components to build scooters from scratch.
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