Ather 450X e-scooter
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Ather Energy raises $128M in Series E funding round.

Ather's Series E funding round was led by National Investment and Infrastructure Fund Limited’s Strategic Opportunities Fund and Hero MotoCorp.

Bangalore-based electric two-wheeler manufacturer, Ather Energy has raised $128 million in the Series E funding round. They have raised funds from NIIFL’s Strategic Opportunities Fund, Hero MotoCorp, and some other investors.

Ather will use the funds to expand its manufacturing facilities, invest in R&D, charging infrastructure, and grow its retail network.

Official statements

Commenting on the investment, Tarun Mehta, CEO of Ather Energy, said: The switch to electric is inevitable, and FY 22 was the turning point for electric two-wheeler adoption in India. We are super excited to have NIIF come on board as an investor. They have been at the forefront of the country’s green transition through their investments and initiatives, and we look forward to our association. We would also like to thank Hero MotoCorp, our long-term investor and strategic partner who continues to support our growth. The current round of investment will help us enhance capacities across the board, bring additional focus on new platforms, expand into new geographies, expand our fast-charging network and double down on the reputation we’ve built for making a product that’s high on quality.

Padmanabh Sinha, Executive Director & Chief Investment Officer - NIIFL, said: Aligned to India’s green transition mission, the electric two-wheeler industry is expected to grow significantly in the coming years. Ather Energy has indigenously designed and developed products with a high degree of domestic sourcing of components and adaptability to Indian conditions. We are excited to partner with Ather Energy’s founders and management team, who have developed deep expertise in the industry, developed a robust IP portfolio, and built strong manufacturing and distribution capabilities. We are also impressed with Ather Energy’s partnerships for component manufacturing, charging infrastructure, and customer financing.

Ather Energy.

Currently, Ather has two products in the Indian electric scooter market- Ather 450X and 450 Plus. In April 2022 Ather sold 2,445 electric scooters, and in FY’22 they have managed to sell 19,971 units.

Ather Energy currently operates in 32 cities, including Bengaluru, Chennai, Delhi, Hyderabad, Pune, Jaipur, Kochi, Ahmedabad, Mumbai, Mysore, Guwahati, and Hubli.

Ather 450x getting charged at fast charging point- Ather grid
Ather 450X

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