Ather Energy Raises $128 Million In Series EThe funds will be used to expand manufacturing facilities, invest in research and development, charging infrastructure and to grow its retail network
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Ather Energy, an electric two-wheeler company, has raised $128 million in Series E round. The round was led by National Investment and Infrastructure Fund Limited's (NIIFL) Strategic Opportunities Fund (SOF) and Hero MotoCorp.
Ather Energy plans to use the funding to expand manufacturing facilities, invest in research and development, charging infrastructure and to grow its retail network.
"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. 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 and double down on the reputation we've built for making a product that's high on quality," said Tarun Mehta, CEO, Ather Energy.
"Aligned to India's green transition mission, the electric two-wheeler industry is expected to grow significantly in the coming years. Ather Energy has indigenously designed and developed products with a high degree of domestic sourcing of components and adaptability to Indian conditions. 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," said Padmanabh Sinha, executive director & chief investment officer - NIIFL.
