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BENGALURU, 7 September 2023: Ather Energy, a leading player in the electric vehicle industry, has successfully secured INR 900 crore in funding through a rights issue. The investment comes from existing shareholders, Hero MotoCorp, and the global investment firm GIC. This substantial financial boost will enable Ather Energy to embark on a journey of innovation, introduce new products, and enhance its charging infrastructure and retail network.
Expanding the EV Ecosystem
The electric vehicle market in India has been rapidly evolving, with a significant focus on two-wheelers. Ather Energy has been at the forefront of this transition, and the recent funding round will play a pivotal role in furthering their vision. Tarun Mehta, the CEO, and Co-founder of Ather Energy expressed his enthusiasm, stating, “Last few years have demonstrated just how quick the EV transition in India can be and how it will be led by 2 wheelers. This round will allow us to expand our product portfolio while expanding our footprint.”
Impressive Growth and Expansion
Ather Energy has witnessed remarkable growth, especially in FY23. Their revenue surged 4.4 times, reaching an impressive INR 1,783 crore, up from INR 408 crore in FY22. Not only that, but the company also expanded its retail presence fourfold, increasing the number of stores from 30 to 130 in just one year.
Widespread Reach and Charging Infrastructure
Currently, Ather Energy boasts a vast network of over 200 retail touchpoints spanning more than 100 cities. They also operate a public fast-charging network tailored for electric two-wheelers, comprising over 1,500 Ather Grids. This extensive infrastructure ensures that electric vehicle users have convenient access to charging facilities, bolstering the EV ecosystem’s growth.
Diverse Product Portfolio
Ather Energy’s commitment to innovation is evident in its product portfolio. They recently introduced battery options of 2.9 kWh and 3.7 kWh for their flagship 450X model. Additionally, they launched the 450S, targeting a broader segment of the two-wheeler market. These additions cater to various customer needs, strengthening company’s position in the electric vehicle market.
Backing from Industry Leaders
Founded in 2013 by IIT Madras alumni Tarun Mehta and Swapnil Jain, Ather Energy has garnered support from industry giants such as Hero MotoCorp, GIC, NIIF, Sachin Bansal, and Tiger Global. This backing has been instrumental in Ather’s journey to becoming a prominent player in the electric vehicle industry.
Geographic Expansion
Ather Energy’s presence extends to over 100 cities, including Bengaluru, Delhi, Chennai, Hyderabad, Pune, Jaipur, Kochi, Ahmedabad, Mumbai, Mysore, and Kolkata. Their widespread reach ensures that electric vehicle enthusiasts across the country can experience their cutting-edge products and services.
Conclusion
Ather Energy’s recent funding infusion of INR 900 crore from Hero MotoCorp and GIC is a testament to the company’s commitment to leading the electric vehicle revolution in India. With a strong focus on product innovation, expansion of charging infrastructure, and a growing retail network, former is poised to continue its impressive growth trajectory and contribute significantly to the electrification of two-wheelers in the country.
