Ather Energy Raises ₹900 Crore From Hero MotoCorp, GIC For Expansion

Ather Energy announced a fundraising of Rs. 900 crore through a rights issue from its existing shareholders, Hero MotoCorp and GIC, a Singapore-based investment firm. The infusion of capital is earmarked for two primary purposes: the launch of new products and the expansion of its charging infrastructure and retail network. Ather Energy exhibited growth during FY23, with its revenue skyrocketing by 4.4 times, reaching Rs. 1,783 crore, compared to the previous fiscal year's figure of Rs. 408 crore.

Tarun Mehta, CEO & Co-founder, Ather Energy, said, “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.”

Additionally, the company expanded its retail presence, increasing the number of stores fourfold, from 30 to 130 stores within the year. Currently, Ather Energy boasts a presence with over 200 retail touchpoints across more than 100 cities. It also operates the largest public fast-charging network for electric two-wheelers, comprising over 1,500 Ather Grids.

In recent developments, Ather Energy broadened its product line-up by introducing two battery options, 2.9 kWh and 3.7 kWh, for its flagship model, the 450X. They also unveiled the 450S, an entry-level product aimed at capturing a larger share of the two-wheeler market.