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Ather Energy, an electric two-wheeler company, has on Thursday announced the completion of its Series E round of funding with the signing of investment agreements amounting to $128 million with National Investment and Infrastructure Fund Limited’s (NIIFL) Strategic Opportunities Fund (SOF), and Hero MotoCorp, a significant shareholder of Ather, and other investors.
Ather Energy plans to use the funding to expand manufacturing facilities, invest in research and development, charging infrastructure, and grow its retail network, as per a company statement.
“The switch to electric is inevitable and FY ‘22 was the turning point for electric two-wheeler adoption in India,” Tarun Mehta, CEO, Ather Energy, said. “The current round of investment will help us enhance capacities across the board, bring additional focus on new platforms and expand into new geographies.’‘
Ather Energy sold 3,779 e-bikes in April. Booking orders for Ather 450X have been growing at 25% quarter-on-quarter, it said.
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