Ather Energy has raised $128 million from the National Investment and Infrastructure Fund Limited’s Strategic Opportunities Fund, Hero MotoCorp and additional investors, in its latest round of funding.
The electric two-wheeler maker said it will use the money to expand its factories and invest in research and development, charging infrastructure and its retail network.
The news came about five months after Ather revealed plans to expand its Hosur plant in a bid to more-than-triple its production to four lakh units and make lithium-ion battery packs in addition to EVs.
“The current round of investment will help us enhance capacities across the board, bring additional focus on new platforms, expand into new geographies, (and) expand our fast-charging network,” said Ather Energy Chief Executive Officer Tarun Mehta.
With the latest round, the company has raised a total of about $285 million, as per data from Crunchbase – a US-based firm that provides insights on private firms.
Ather’s valuation stood at $591 million as of Jan 27, 2022, as per Tracxn, a platform that tracks startups and venture capitalists.
The company did not confirm its current valuation.
(Published 12 May 2022, 16:30 IST)
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