Ather Energy raises Rs 900 crore from Hero MotoCorp, GIC
The funds will be utilised by Ather for introducing new products and expanding its retail network and charging infrastructure.
Leading electric two-wheeler firm Ather Energy today announced that it has raised Rs 900 crore from its existing shareholders, including the country's largest motorcycle and scooter manufacturer Hero MotoCorp and global investment firm GIC, through a rights issue.
The funds will be utilised by Ather for introducing new products and expanding its retail network and charging infrastructure.
Ather currently sells two electric scooters -- 450S and 450X. The Ather 450S is available at a starting price of Rs 1,29,999 (ex-showroom), while the Ather 450X begins at Rs 1,37,999 (ex-showroom).
The company has presence in over 100 cities, including New Delhi, Bengaluru, Chennai, Hyderabad, Pune, Jaipur, Kochi, Ahmedabad, Mumbai, Mysore and Kolkata, with more than 200 retail touchpoints.
Ather has installed a public charging network, Ather Grid, which is the country's largest fast-charging network for electric two-wheelers. There are more than 1,500 Ather Grid charging points across 100+ cities.
Ather had a turnover of Rs 1,806.1 crore in FY23, Rs 413.8 crore in FY22 and Rs 79.8 crore in FY21.
Hero MotoCorp had a 33.1% shareholding in Ather prior to the fresh investment. While the Karizma XMR-maker's shareholding has now increased, Ather did not reveal the exact quantum.
"There was strong support for the rights issue and we are very happy to see the confidence exhibited by shareholders. Last few years have demonstrated just how quick the EV transition in India can be and how it will be led by two-wheelers," said Tarun Mehta, CEO and co-founder, Ather Energy.
"We have always believed that this transition will be led by world class technology and products designed and built in India and this year will be no different with our largest outlay on research and development yet, planned in 2023-24. This round will allow us to expand our product portfolio while expanding our footprint," he added.
Apart from Hero MotoCorp and GIC, Ather is backed by National Investment and Infrastructure Fund (NIIF), Sachin Bansal and Tiger Global.