- The funds will be used for new product launches and expansion of the start-up’s charging infrastructure and retail network
Electric vehicle start-up Ather Energy announced it has raised Rs 900 crore from existing shareholders Hero MotoCorp and global investment firm GIC through a rights issue.
The funds will be used for new product development, launches, and expansion of the start-up’s charging infrastructure and retail network. Notably, its revenue jumped 4.4 times to Rs 1,783 crore from Rs 408 crore in FY22. Compared to 30 stores last year, it now has 130 stores in India.
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“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, Ather Energy.
According to data sourced from Vahan portal, the start-up had registered 74,248 electric scooters in India during the last eight months. In 2022, it had registered 51,804 electric scooters.
