Ather Energy Receives Rs 989 Crore From Hero MotoCorp Among Others
The startup aims to use this investment to ramp up production of the Ather 450X, R&D and even sales network
Bengaluru-based Ather Energy has announced that it has received a funding of 128 million USD (Rs 989 crore) from National Investment and Infrastructure Fund Limited’s (NIIFL) Strategic Opportunities Fund (SOF) and Hero MotoCorp along with other investors. NIIFL is the country's first infrastructure-specific investment fund set up by the Government of India. In fact, this is NIIFL’s first investment in an EV company.
The EV manufacturer aims to use the funding to expand its manufacturing facilities, invest in research and development and improve its charging infrastructure. Ather even intends to grow its sales network. Infact, Ather CEO Tarun Mehta mentioned expanding the supply chain and improving the tech and platforms too.
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Currently, the company has operations in 32 cities with 38 Ather Experience Centres, and plans on expanding to 100 cities with 150 centres by next year.
Ather Energy currently has the 450 Plus and the 450X on sale in India, and the company has been constantly enhancing the e-scooter by pushing OTA (Over-The-Air) updates. In April 2022, Ather released a new update that now gives the 450X a ‘Smart Eco’ mode to enhance performance and optimise range.
Last month, Ather also reported a 255 percent growth in sales, which is quite impressive. If you too have been thinking about purchasing a new Ather, check our story on the 450X’s waiting period for May 2022.