Ather Energy raises Rs 900 crore from Hero MotoCorp, GIC
Currently, Ather Energy has over 200 retail touchpoints across more than 100 cities and a public fast-charging networks for electric two-wheelers with over 1,500 Ather Grids.
Electric vehicle firm Ather Energy on Wednesday said it has raised Rs 900 crore from existing shareholders Hero MotoCorp and global investment firm GIC through a rights issue.
Ather Energy said it plans to use the funds for new product launch and expansion of its charging infrastructure and retail network.
“Last few years have demonstrated just how quick the EV transition in India can be and how it will be led by 2 wheelers. This round will allow us to expand our product portfolio while expanding our footprint,” said Tarun Mehta, CEO and Co-founder, Ather Energy.
Ather witnessed sound growth in FY23, with the company's revenue jumping 4.4 times to Rs 1,783 crore from Rs 408 crore in FY22. The EV firm also increased its retail footprint by 4 times, to 130 stores from 30 stores last year.
Currently, Ather Energy has over 200 retail touchpoints across more than 100 cities and a public fast-charging networks for electric two-wheelers with over 1,500 Ather Grids.
Ather recently expanded its product portfolio with 2.9 kWh and 3.7 kWh battery options in the flagship 450X as well as an entry level product, the 450S, to address a bigger segment of the two-wheeler market.
Founded in 2013 by IIT Madras alumni Mehta and Swapnil Jain, Ather is backed by Hero MotoCorp, GIC, NIIF, Sachin Bansal, and Tiger Global. It currently operates in over 100 cities including Bengaluru, Delhi, Chennai, Hyderabad, Pune, Jaipur, Kochi, Ahmedabad, Mumbai, Mysore, and Kolkata.
Catch the latest stock market updates here. For all other news related to business, politics, tech, sports, and auto, visit Zeebiz.com.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
PM Modi has invested in this post office scheme; know his total worth as per Lok Sabha elections 2024 affidavit
SRH vs GT IPL 2024 Ticket Booking Online: Where and how to buy SRH vs GT tickets online - Check IPL Match 66 ticket price, other details
Top 7 SWP Mutual Funds: Rs 50 lakh investment, Rs 70K monthly pension for 10 years, and Rs 42.30 lakh balance value; know more details
Gold and Silver rate today (May 13, 2024): Precious metal under pressure; yellow metal near Rs 72,400, white metal above Rs 84,600
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
TBO Tek IPO Listing LIVE Update: Bumper Debut! Share list at 55% premium - Buy, sell or hold? Check Anil Singhvi's view
04:37 PM IST