Electric two-wheeler start-up Ather Energy has raised $50 million (about INR 400 crore) in a funding round led by its existing investor Caladium Investment. The Hero-MotoCorp-backed start-up will be issuing 51,359 Series E1 compulsorily convertible preference shares (CCPS) at an issue price of INR 78,008/share to raise this funding amount.
After this funding round, Ather's valuation stands at approximately around $700-800 million. The start-up might use the funding to scale its manufacturing capability as electric two-wheeler sales are increasing MoM in the country. Its second manufacturing facility is also about to start operations.
The OEM's expansion plans also include installing 820 more EV charging grids, taking the count to 1,400 by the end of FY23. It has also recently collaborated with Flipkart to drive retail sales via the online channel.
Ravneet S Phokela, Chief Business Officer, Ather Energy, had recently told Mobility Outlook that the start-up was looking to retail at least 9,000 electric scooters per month starting August 2022.
The company has been posting an increase in sales MoM this fiscal with 2,451 units in April 2022, going up to 3,338 in May, 3,816 in June 2022, followed by a slump to 1,281 in July, and then a surge to 5,147 units in August.