- Hero MotoCorp also invested $12 million
- Ather Energy will open nine new markets – Pune, Ahmedabad, Mumbai, Delhi, Coimbatore, Kochi, Kozhikode and Kolkata in the coming days, and install Ather Grid in these areas
Ather Energy said that it has raised an investment of $35 million in its latest round of Series D funding. This funding was led by Sachin Bansal’s $23 million. Hero MotoCorp also invested $12 million as a part of the Series D round in Ather Energy. The company said in a statement that this round of investment will allow Ather Energy to accelerate its expansion plans and speed up deliveries of Ather 450X.
It also said that Ather Energy will open nine new markets – Pune, Ahmedabad, Mumbai, Delhi, Coimbatore, Kochi, Kozhikode and Kolkata in the coming days, and install Ather Grid in these areas. The statement added that the continued investment by the existing investors is a manifestation of confidence in the brand and the sector.
Bansal said that Ather Energy has set a new benchmark for intelligent electric bikes in the Indian automobile industry. Its new product line and expansion plans across the country will make EVs a part of the Indian landscape.
New manufacturing facility in Hosur
Tarun Mehta, co-founder and CEO, Ather Energy, said that after the successful launch of our new product line, the company is looking forward to delivering the vehicles and seeing them across all cities. The pandemic has changed the landscape of personal transport and the company hopes that high-performance alternatives available people will choose electric vehicles for their daily commute.
The company also said that it is moving to a new manufacturing facility in Hosur, Tamil Nadu. It will be designed to produce up to one million vehicles a year.
In July, it had raised Rs 840 Million (Rs 84 Crore) from one of world’s largest two-wheeler maker Hero MotoCorp. The funding was raised during series C round.
According to a recent report by Report Linker, India electric vehicle ecosystem market will reach a value of $216.3 billion by 2030. The EV market is anticipated, as per the report, to grow at a robust CAGR of 43.13 per cent during the forecast period from 2019 to 2030. Additionally, installation of charging infrastructure is projected to grow at a CAGR of 42.38 per cent.
