Ather Energy is aiming to increase their reach to 100 stores by October of this year… Currently they have 38 stores in 32 cities…
Ather Energy have announced that they have raised $128 Million (nearly Rs. 992 Crore) in the latest Series – E round (5th round) of funding.
Bengaluru based electric scooter maker, Ather, have signed an investment agreement with the National Investment & Infrastructure Funds Limited’s (NIIFL) arm Strategic Opportunities Fund (SOF), Hero MotoCorp and few other investors. Hero MotoCorp is a major shareholder in Ather Energy, owning 34.58% interest in the company.
Ather Energy have shared that they are planning to invest the latest boost in funding in improving R&D, expanding their manufacturing facilities & charging infrastructure and retail network.
Sharing his thoughts, Mr. 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.”
The current deal is Ather Energy’s first funding from an institutional investor since Tiger Global investment that happened way back in 2015. For the future, the company is preparing for an IPO and are planning for two more rounds of funding in the coming years.
It was a good month of sales for the company in April, where they achieved the highest ever sales of 3,779 units. Ather shared that the demand has been up 30-35% since February and they are anticipating 100% increase in demand over the next 5 months.
Additionally, the booking orders for their flagship electric scooter – Ather 450X – has been growing 25%, quarter-on-quarter. They currently have their presence in 32 Indian cities with 38 Experience Centres established. The company is aiming to increase their presence from 38 to 100 established Experience Centres by October 2022.