Ather Raises $128 Million For Manufacturing, R&D, Network Ramp Up

Mobility Outlook Bureau
12 May 2022
04:47 PM
1 Min Read

The company signed funding agreements with National Investment and Infrastructure Fund’s (NIIFL) Strategic Opportunities Fund (SOF), Hero MotoCorp, and other investors.


Ather Energy has raised $ 128 million in its Series E round of funding, having signed investment  agreements with National Investment and Infrastructure Fund’s (NIIFL) Strategic Opportunities Fund  (SOF), Hero MotoCorp and additional investors.

The company plans to use the funding to expand manufacturing facilities, invest in research and  development, charging infrastructure and to grow its retail network. 

Tarun Mehta, CEO, Ather Energy, said, “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.” 

This will be NIIFL’s first direct investment in the manufacturing sector and in electric mobility. This  will be SOF’s fourth investment following its investments in two infrastructure financing NBFCs  (Aseem Infrastructure Finance and NIIF IFL) and a national healthcare chain (Manipal Hospitals). 

Padmanabh Sinha, Executive Director & Chief Investment Officer, NIIFL expressed excitement over  the company’s partnership with Ather Energy. The founders and management team of Ather Energy  have developed deep expertise in the industry, developed a robust IP portfolio, and built strong  manufacturing and distribution capabilities, he said. 

“We are also impressed with Ather Energy’s  partnerships for component manufacturing, charging infrastructure and customer financing,” he  said. 

Meanwhile, Ather Energy registered its highest ever monthly sales in April 2022 delivering 3,779  units to customers. Booking orders for its flagship product, the Ather 450X, as per the company, are  growing at 25% quarter-on-quarter.  Ather Energy has presence in 32 cities with 38 experience centres, and it aims to expand to 150  experience centres in 100 cities by 2023.

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