Ather Energy raises $128mn in Series E round led by NIIF and Hero MotoCorp
Ather Energy, one of India’s leading electric two-wheeler company, today announced completion of its Series E round of funding with The post Ather Energy raises $128mn in Series E round led by NIIF and Hero MotoCorp appeared first on EVreporter.
Ather Energy, one of India’s leading electric two-wheeler company, today announced completion of its Series E round of funding with signing of investment agreements amounting to $128 million with National Investment and Infrastructure Fund Limited’s (NIIFL) Strategic Opportunities Fund (SOF), and Hero MotoCorp, a significant shareholder of Ather, and additional investors. Ather Energy plans to use the funding to expand manufacturing facilities, invest in Research and Development, charging infrastructure and to grow its retail network.
National Investment and Infrastructure Fund Limited (NIIFL) is a collaborative investment platform for international and Indian investors, anchored by the Government of India, which manages funds with investments in different asset classes and diversified sectors that generate attractive risk-adjusted returns. NIIFL manages over $4.3 billion of equity capital commitments across its three funds – Master Fund, Fund of Funds, and Strategic Opportunities Fund, each with a distinct investment strategy committed to support the country’s growth needs. This will be NIIFL’s first direct investment in the manufacturing sector and in electric mobility. This will be SOF’s fourth investment following its investments in two infrastructure financing NBFCs (Aseem Infrastructure Finance and NIIF IFL) and a national healthcare chain (Manipal Hospitals).
“Ather registered the highest ever monthly sales in April 2022 delivering 3,779 units to customers. Booking orders for Ather Energy’s flagship product, the Ather 450X is growing at 25% quarter-on-quarter. Ather Energy already has a retail sales network across the country, with presence in 32 cities with 38 Experience Centres and aims to expand to 150 Experience Centres in 100 cities by 2023″ – added an official release.
Padmanabh Sinha, Executive Director & Chief Investment Officer – NIIFL, said, “Ather Energy has indigenously designed and developed products with a high degree of domestic sourcing of components and adaptability to Indian conditions. We are excited to partner with Ather Energy’s founders and management team who have developed deep expertise in the industry, developed a robust IP portfolio, and built strong manufacturing and distribution capabilities. We are also impressed with Ather Energy’s partnerships for component manufacturing, charging infrastructure and customer financing.”
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The post Ather Energy raises $128mn in Series E round led by NIIF and Hero MotoCorp appeared first on EVreporter.