Wednesday, February 28, 2024
HomeInsightFunding Alert Ather Energy Secures Rs 900 cr from Hero MotoCorp, GIC

[Funding alert] Ather Energy Secures Rs 900 cr from Hero MotoCorp, GIC

Ather Energy, an electric scooter manufacturer in India, announced on Wednesday that it has received Rs 900 crore from its shareholders Hero MotoCorp and Singapore’s GIC through a rights issue.

Read also – Ayouthveda Embarks on a 100 Crore Mission to Revolutionize Ayurvedic Beauty

According to Ather Energy, it intends to use the capital to expand its network of stores and charging infrastructure as well as to introduce new products, as per reported by The Economic Times.

“Last few years have demonstrated just how quick the EV transition in India can be and how it will be led by 2-wheelers. This round will allow us to expand our product portfolio while expanding our footprint,” said Tarun Mehta, CEO and Co-founder, of Ather Energy.

Read also – [Funding alert] Unicorn India Ventures Marks First Close Of Fund III At Rs225cr

According to Vahan, the government’s portal for vehicle registration, Ather sold 6,835 units in August. In contrast, when the FAME-II subsidies were still in effect, 12,184 units were sold in March of this year and 15,420 units in May. In August, more than 59,000 electric two-wheelers were sold, with Ola Electric continuing to dominate the market by selling 17,389 units.

Read also – [Funding alert] Eco-friendly Packaging Startup Cirkla Secures $3 mn from Stellaris Venture

About Ather Energy

Tarun Mehta and Swapnil Jain, who had the audacity to dream and challenge the venerable Internal Combustion Engine (ICE) and replace it with an electric drive, founded Ather Energy in 2013. They created the Ather 450 product line, India’s first intelligent and connected electric scooters because they think that’s where the future of personal transportation is going.

One of the few start-ups in India, notably in the automotive sector, with products and services that combine clean design and engineering across hardware and software is Ather. Ather 450X and Ather 450 Plus, public and private charging infrastructure, and creative ownership models are currently included in our product offerings.

Read also – [Funding alert] Gaming platform Nazara Secures Rs 100 crore from Zerodha’s Nikhil kamath

Team VS

RELATED ARTICLES
- Advertisment -

Most Popular

- Advertisment -

Also Read

- Advertisment -