Bengaluru-based electric two-wheeler manufacturer Ather Energy has raised ₹400.6 (around $ 50 million) in a fresh funding round led by existing investor Caladium Investment and participation from Herald Square Ventures.
Caladium Investment has invested ₹400 crore in Ather Energy and will get 51,276 compulsorily convertible preference shares (CCPS) with a face value of ₹10 and a premium of ₹77,998, reported VC Circle.
Herald Square Ventures has received 83 compulsorily convertible preference shares for its investment worth ₹60 lakh, as per RoC filings, reported by VC Circle.
In September, the company also raised ₹50 crore ($6.2 million) in debt from InnoVen Capital by issuing 500 non-convertible debentures.
In May, 2022, Ather Energy raised around $128 million led by National Investment and Infrastructure Fund (NIIF), the Indian government’s sovereign wealth fund, and existing investor Hero MotoCorp. The fundraise valued the company at close to $1 billion. The company has raised more than $300 million in equity funding.
Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather manufactures electric scooters and sells multiple variants of its most popular electric scooter – Ather 450x.
The company sold 7,435 electric scooters in India in September, up from 2,139 units in September 2021, marking a 247% growth year-on-year.
Ather Energy has initiated discussions with investment banks, exploring the possibility of going public in the near future.
Ather has presence in 32 cities with 38 experience centres. The EV maker is aiming to expand its footprint to 150 in 100 cities by 2023.
India’s electric two-wheeler market is evolving rapidly with competitors. Besides Ola and Okinawa, Ather pits against Bajaj Auto, Revolt Motor, Hero Electric, TVS Motor, and Ampere, besides several other small players.
India’s largest 2-wheeler maker Hero MotoCorp has also launched its first electric bike, upping the competition in the space.
