Electric two-wheeler company Ather Energy on Thursday closed its Series E funding round by signing $128 million in investment agreements with National Investment and Infrastructure Fund Limited’s (NIIFL) Strategic Opportunities Fund (SOF). announced. and Hero MotoCorp, a major shareholder of Ather, and other investors.
Ather Energy plans to use the funding to expand production facilities, invest in research and development, load infrastructure and expand its retail network, according to a company statement.
“The shift to electric vehicles is inevitable and FY22 was the turning point for electric two-wheeler adoption in India,” said Tarun Mehta, CEO of Ather Energy. “The current round of investments will help us expand our capabilities across the board, with additional focus on new platforms and expansion into new regions.”
Ather Energy sold 3,779 e-bikes in April. Booking orders for Ather 450X are up 25% sequentially, it said.