Ather Energy, an electric vehicle manufacturer, has successfully raised an additional Rs 900 crore in funding from its existing shareholders, Hero MotoCorp and GIC, through a rights issue.
The funds raised will be directed towards the expansion of Ather Energy's product line and the enhancement of its charging infrastructure and retail network.
Tarun Mehta, CEO and Co-founder of Ather Energy, expressed his enthusiasm for the rapidly growing electric vehicle market in India, especially in the two-wheeler segment. He believes that this round of funding will enable the company to not only diversify its product portfolio but also extend its geographical reach.
Ather Energy has witnessed substantial growth in the fiscal year 2023. The company's revenue surged by an impressive 4.4 times, reaching Rs 1,783 crore compared to Rs 408 crore in the previous fiscal year.
In addition to its financial growth, Ather Energy expanded its retail presence significantly. The number of Ather stores increased fourfold, going from 30 stores in the previous year to 130 stores.
Currently, Ather Energy boasts a network of over 200 retail touchpoints spanning more than 100 cities. Moreover, the company operates a robust public fast-charging network for electric two-wheelers, consisting of over 1,500 Ather Grids.
Ather Energy has been proactive in expanding its product portfolio. It introduced new battery options, including 2.9 kWh and 3.7 kWh, in its flagship model, the 450X. Additionally, the company launched the 450S, an entry-level electric two-wheeler, aiming to cater to a broader segment of the market.
Founded in 2013 by Tarun Mehta and Swapnil Jain, both alumni of IIT Madras, Ather Energy has garnered support from prominent investors such as Hero MotoCorp, GIC, NIIF, Sachin Bansal, and Tiger Global. The company's presence extends to more than 100 cities across India, including major metropolitan areas like Bengaluru, Delhi, Chennai, Hyderabad, Pune, Jaipur, Kochi, Ahmedabad, Mumbai, Mysore, and Kolkata.
In conclusion, Ather Energy's latest infusion of funds from Hero MotoCorp and GIC reflects the growing momentum of electric vehicles in India, particularly in the two-wheeler sector. The company's robust financial performance and strategic expansion plans position it well to play a pivotal role in India's electric mobility revolution.
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