Ather Energy, which makes electric two-wheelers, said on Wednesday it has raised Rs 900 crore from existing shareholders Hero MotoCorp and GIC through a rights issue. It will use the funds for launching new products and expanding its charging infrastructure and retail network.
“The last few years have demonstrated just how quick the EV [electric vehicle] transition in India can be and how it will be led by two-wheelers," said Tarun Mehta, chief executive officer and cofounder of Ather Energy.
"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 said its revenue increased more than four-fold to Rs 1,783 crore in FY23 from Rs 408 crore in FY22. The company’s retail footprint increased by four-fold to 130 stores from 30 stores in 2022. It has more than 200 retail touch points in over 100 cities and the largest public fast-charging networks for electric two-wheelers.
Ather recently expanded its product with 2.9 kilowatt hour and 3.7 kWh battery options in its flagship 450X scooter. Its entry-level product, 450S, addresses a bigger segment of the two-wheeler market. The vehicle comes with a host of new features, including the DeepView TM Display, new switchgear, and emergency stop signal, it said.