Ather raises Rs. 84 crores from Hero MotoCorp in an extension of Series C round

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On July 24, 2020 – Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters announced a further investment of Rs 84 crore ($11 million) in Ather Energy, taking up its shareholding in the company to 34.58%. Prior to this investment, Hero MotoCorp’s shareholding in Ather Energy was 31.27%. Hero MotoCorp first invested in Ather in 2016 as a part of Series B funding.

With the latest infusion, Ather Energy has raised a total of $102.2M over 5 rounds of funding and counts Sachin Bansal, Binny Bansal, InnoVen Capital and Tiger Global among other investors (Source: Crunchbase).

Founded in Oct 2013 by Swapnil Jain and Tarun Mehta, Ather Energy makes intelligent e-scooters Ather 450 and Ather 450X. The e-mobility start-up has also established an open EV charging network called AtherGrid in Bengaluru and Chennai.

Ather plans to scale to 20 cities by the end of 2021, and will make Ather 450X available in cities like Hyderabad, Pune, Delhi and Mumbai, with deliveries beginning in October 2020. The company is also opening a new manufacturing facility in Hosur, which is designed to produce 100,000 units annually, and is scalable to half a million units.

Tarun Mehta, Co-founder & CEO, Ather Energy says – “We are in a high growth phase of our journey, and while the last few months have been challenging, we have not altered our expansion plans. Our geographic expansion and the roll-out schedule for the Ather 450X are on track, and we will be using these funds to invest in our facilities to meet the demand we have seen for the Ather 450X across the country. ”

Also Read: What is an EV Charging Network?