Ather Energy, an electric mobility startup, has raised Rs 900 crore from its existing shareholders, Hero MotoCorp and Singapore’s GIC. The goal is to use the funds for launching new products and expanding the charging and retail network. Hero MotoCorp, currently holding a 33.1 per cent stake in the company, will invest Rs 550 crore through Series E2 Compulsory Convertible Preference Shares (CCPS).
Tarun Mehta, Co-founder and CEO of Ather Energy said in a statement”There was strong support for the rights issue and we are very happy to see the confidence exhibited by shareholders. The last few years have demonstrated just how quick the EV transition in India can be and how it will be led by two-wheelers.”
Ather Energy had substantial growth in the 2022-23 fiscal year. Their revenue increased by 4.4 times, from Rs 408 crore to Rs 1,783 crore. It also expanded their retail network to 130 stores, four times more than before.
Ather is expanding its charging network and partnering with BPCL to install more chargers at fuel stations. Ola Electric, a close competitor, is planning an IPO to reach a valuation of USD 10 billion. Ola Electric reported revenue of Rs 456.26 crore for the fiscal year ending March 31, 2022.