Ather Energy Raises More Funds From Hero MotoCorp And Govt of India

Ather Energy has had a good start to the financial year. After revealing that they had sold 3,779 units of the Ather 450X and 450 Plus in April, which is its highest ever monthly sales, the Bengaluru-based company has just announced completion of its Series E round of funding, having raised Rs 990 crore led by National Investment and Infrastructure Fund Limited’s (NIIFL) Strategic Opportunities Fund and Hero MotoCorp.

This is the first time India’s sovereign wealth fund, NIIFL, has directly invested in the manufacturing sector and specifically in electric mobility. To date, Ather Energy has raised over Rs 1778 crores of financing, with Tiger Global and Flipkart’s co-founder Sachin Bansal being key investors alongside Hero MotoCorp. A statement from Ather Energy highlights that this latest round of investment is key for the EV maker to stay aligned to enhance their focus on new platforms, while expanding their sales network along with a fast-charging grid across new geographies.

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Ather also announced its alliance with Statiq, a charging station chain, to share charging locations in North India, especially the NCR. And continuing with its aggressive expansion strategy, the brand has commenced operations in Aurangabad, Tirur and Malappuram, and now has operations in 34 cities.

While Ather Energy is still one of the top players in the EV segment, Ola Electric is posing a threat to the company. Ather has been consistently raking sales between 2500 to 3000, and it definitely needs to scale up its production to take on the Ola S1 Pro. However, considering the niggles that customers of the latter are facing, Ather can breathe easy doing a job well done.