Ather Energy raises Rs 900 Cr from GIC and Hero MotoCorp for expansion, Details

Ather Energy raises Rs 900 Cr from GIC and Hero MotoCorp for expansion, Details

Ather Energy: Ather Energy, one of the country’s premier electric vehicle firms focused on two-wheelers, has announced a Rs 900 crore rights issue from current shareholders Hero MotoCorp and GIC. Ather intends to use the funds to develop new products, extend its charging infrastructure, and grow its retail network.

Ather Energy raises Rs 900 crore.

According to Tarun Mehta, CEO and co-founder of Ather Energy, the last few years have shown how quickly the EV transformation will occur in India and how two-wheelers will lead it.

“We have always believed that this transition will be led by world-class technology and products designed and built in India and this year will be no different with our largest outlay on research and development yet, planned in 2023-24. This [funding] round will allow us to expand our product portfolio while expanding our footprint,” he said.

Ather claimed its income more than quadrupled to Rs 1,783 crore in FY23, up from Rs 408 crore in FY22. In 2022, the company’s retail footprint rose fourfold to 130 locations from 30 outlets. It has over 200 retail contact points in over 100 locations and the largest public fast-charging network for electric two-wheelers.

New launches

In its flagship 450X scooter, Ather has added 2.9 kWh and 3.7 kWh battery options. The 450S, its entry-level model, targets a larger part of the two-wheeler market. According to the company, the car includes a slew of new innovations, including the DeepView TM Display, redesigned switchgear, and an emergency stop signal.

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