Ather Energy raises Rs 900 crore from Hero MotoCorp, GIC

In October of 2022 Ather Energy raised Rs 400.6 crore ($50 million) led by existing investor Caladium Investment.

EV maker Ather Energy on September 6 said that the firm has raised Rs 900 crore from its existing investor Hero MotoCorp and GIC, through a rights issue.

The latest fundraising is an extension of the Series E round of $128 million which was announced in May of 2022 led by National Investment and Infrastructure Fund Ltd's (NIIFL) Strategic Opportunities Fund (SOF) and Hero MotoCorp along with additional investors in May this year.

In October of 2022 Ather Energy raised Rs 400.6 crore ($50 million) led by existing investor Caladium Investment.

Also Read | Hero MotoCorp trades higher on nod to invest Rs 550 crore in Ather Energy

Ather plans to use the funds for new product launch and expansion of its charging infrastructure and retail network, it said in a Statement.

Two-wheeler major Hero MotoCorp said on September 4 that it has got the board's approval to invest Rs 550 crore into electric two-wheeler maker Ather Energy.

"...This year will be no different with our largest outlay on research and development yet, planned in 2023-24. This round will allow us to expand our product portfolio while expanding our footprint, " Said Ather's cofounder and CEO Tarun Mehta.

As per Industry sources, Ather was valued at $700 million during its last fundraise in October and was looking to raise another round which would have given a unicorn status to the EV firm.

Also Read | Hero MotoCorp to invest Rs 550 crore into Ather Energy

According to Ather's media statement the company’s revenue jumped 4.4X to Rs 1,783 crore from Rs 408 crore in FY22. Ather also increased its retail footprint by 4X, to 130 stores from 30 stores last year.

"Currently, Ather Energy has over 200 retail touchpoints across 100+ cities and has the largest public fast-charging networks for electric two-wheelers with over 1,500 Ather Grids, " The statement said.