Ather Energy has become a strong player in the electric two-wheeler segment. The company has sold 3,779 units in the first month of the new financial year i.e. April. This is also the record sales of the company in any month. Ather 450X bookings grew 25% on a quarter-on-quarter basis. Presently the company has 38 retail stores in 32 cities. By 2023, the company is planning to open 150 retail stores in 100 cities. Meanwhile, the company has funded $ 128 million (about Rs 991 crore) for Series E.
Several companies invested in Ather Energy
Ather has signed investment agreements with its major shareholders National Investment and Infrastructure Fund Limited (NIIFL), Strategic Opportunities Fund (SOF), Hero MotoCorp and additional investors. To date, Ather Energy has raised over $230 million in financing. Tiger Global and Flipkart co-founder Sachin Bansal are also its investors.
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Hero MotoCorp investment highest
Hero MotoCorp has invested $ 56 million (about Rs 420 crore). Most of the remaining amount has been invested by NIIFL. Other existing investors, including the Angel founders, further boosted the round with modest investments. At present, Hero MotoCorp is the largest investor. Ather Energy plans to remain independent with investor goals associated with the initial public offering (IPO).
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The company will increase its portfolio
The company said that it will use this amount to develop its retail network with manufacturing facilities, research and development, charging infrastructure. Tarun Mehta, Chief Executive Officer (CEO), Ather Energy said, “We are delighted to have the National Investment and Infrastructure Fund Limited (NIIFL) added as an investor. NIIFL contributes to the country’s green transition through investments and initiatives. is at the forefront of giving.”