Ather Energy Raises INR 900 Crore Funding The company plans to utilize the fund for launching new products and expanding its charging infrastructure and retail network
By Teena Jose
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Ather Energy, which makes electric two-wheelers, said on Wednesday it has raised INR 900 crore from existing shareholders Hero MotoCorp and GIC through a rights issue. The company plans to utilize the fund for launching new products and expanding its charging infrastructure and retail network.
"The last few years have demonstrated just how quick the EV transition in India can be and how it will be led by two-wheelers. We have always believed that this transition will be led by world-class technology and products designed and built in India and this year will be no different with our largest outlay on research and development yet, planned in 2023-24. This funding round will allow us to expand our product portfolio while expanding our footprint," said Tarun Mehta, chief executive officer and co-founder of Ather Energy, in a statement.
The company further claimed that its revenue increased more than four-fold to INR 1,783 crore in FY23 from INR 408 crore in FY22. The company's retail footprint increased by four-fold to 130 stores from 30 stores in 2022. Additionally, it said it has more than 200 retail touch points in over 100 cities and the largest public fast-charging networks for electric two-wheelers.
On Monday, ET had reported that the Hero MotoCorp board had passed a resolution to invest INR 550 crore in Ather Energy via Series E2 compulsory convertible preference shares.
In January last year, Hero partially led a $128-million fundraise into Ather. Reportedly, Ather Energy was last valued at $739 million during a $50 million fundraise in October last year.
