Ather Energy raises $250 million to stay ahead in competition
Category: #business  By Mateen Dalal  Date: 2022-09-06
  • share
  • Twitter
  • Facebook
  • LinkedIn

Ather Energy raises $250 million to stay ahead in competition

Electric scooter producer Ather Energy has reportedly secured $250 million in a new funding round.

As per reports, the investment round is in its early stages. The company’s goal is to obtain $200 million to $250 million to compete in the EV two-wheeler sector in India, which is currently led by Okinawa Autotech and Hero Electric.

For the records, Ather Energy raised USD 128 million in May, in an investment round which was led by National Infrastructure Investment Fund (NIIF)- the sovereign wealth fund- and Hero MotoCorp. Hero MotoCorp contributed nearly $56 million to the round.

It has been claimed that Ather Energy intends to use the capital to extend its retail network, its manufacturing facilities, and spend on R&D and charging infrastructure.

Ather Energy's CEO, Tarun Mehta stated that the company is already constructing a new plant and plans to raise its capacity from 10,000 to 35,000 monthly by 2022 end. Although about 1 million people could be accommodated next year.

Tarun added that the business is already making over USD 12.5 million in monthly revenues and plans to double that amount in FY23.

Reports speculate that the most recent $200–$250 investment round will enable Ather Energy to significantly outpace its competitors in the EV sector.

According to the latest government VAHAN data, Hero Electric continued to dominate the Indian electric vehicle (EV) two-wheeler market in August. It made a record-breaking sale of 10,476 vehicles in a single month. Meanwhile, Okinawa Autotech stood second with 8,554 vehicles sales.

Ola Electric, led by Bhavish Aggarwal, sold 3,421 electric two-wheelers in August, down from the 3,862 units it sold in July, depicting that it still must refocus its strategy.

For the unversed, from just 1,289 automobiles sold in July, Ather Energy experienced a huge increase to 5,239 vehicles sold in August. Whereas Ampere Vehicles Pvt Ltd. sold 6,319 previous months, and its sales increased slightly to 6,396.

Source - https://www.business-standard.com/article/companies/ev-maker-ather-energy-raising-up-to-250-mn-to-march-past-rivals-report-122090500910_1.html

  • share
  • Twitter
  • Facebook
  • LinkedIn


About Author

Mateen Dalal    

Mateen Dalal

Mateen has completed his Bachelor’s degree in electronics and telecommunication engineering, post which he lent his proficiency to the industry, working as a quality and test engineer. Drawn intricately toward the field of content creation however, Mateen soon switc...

Read More

More News By Mateen Dalal

Microsoft investigates Teams and Outlook outage that left users disrupted
Microsoft investigates Teams and Outlook outage that left users disrupted
By Mateen Dalal

Microsoft, the U.S.-based technology frontrunner, reportedly investigating an outage that prevented thousands of customers from accessing services like Teams and Outlook. Apparently, the tech giant did not disclose the number of users that were im...

DeHaat secures $60 million in funding, tops $700 million valuation
DeHaat secures $60 million in funding, tops $700 million valuation
By Mateen Dalal

Indian agritech firm DeHaat has reportedly raised $60 million in a new funding round as it looks forward to strengthening its footprint in the country and touching break-even profitability in two years. For the unversed, the startup provides a range ...

Sensorium registers new branch in UAE to expand global presence
Sensorium registers new branch in UAE to expand global presence
By Mateen Dalal

Sensorium, developer of the Sensorium Galaxy metaverse, has registered its new branch in the United Arab Emirates (UAE) as Dubai gradually becomes a global hub for metaverse companies. The new entity, slated to be officially inaugurated in the com...