Electric two-wheeler manufacturer Ather Energy Pvt. Ltd has raised Rs 400.6 crore (around $50 million) in a fresh funding round led by existing investor Caladium Investment, with participation from Herald Square Ventures.
In the latest round, Caladium Investment put Rs 400 crore to get 51,276 compulsorily convertible preference shares (CCPS) with a face value of Rs 10 and a premium of Rs 77,998. On other hand, Herald Square Ventures received 83 CCPS for its investment worth Rs 60 lakh, according to the Registrar of Companies (RoC) filings.
In September, the company had raised Rs 50 crore in debt from InnoVen Capital India Fund by issuing 500 non-convertible debentures, as per RoC filings.
News portal Entrackr reported the development first.
In May, Ather Energy announced raising $128 million from National Investment and Infrastructure Fund Limited’s (NIIFL) Strategic Opportunities Fund, Hero MotoCorp, and other investors. The fundraise valued the company at close to $1 billion.
Founded by Tarun Mehta and Swapnil Jain in 2013, Ather Energy is one of the leading electric vehicle companies in India. The company sells multiple variants of its most popular electric scooter – Ather 450x.
The company sold 7,435 electric scooters in India in September, up from 2,139 units in September 2021, marking a 247% growth year-on-year. In comparison, market leaders for September, Ola Electric and Okinawa sold 9649 and 8280 scooters, respectively.
Ather Energy has initiated discussions with investment banks, exploring the possibility of going public in the near future, Mint reported in June.
The company already has a robust retail sales network in India with a presence in 32 cities with 38 experience centres. The EV maker is aiming to expand its footprint to 150 in 100 cities by 2023.
India’s electric 2-wheeler market is evolving rapidly with competitors. Besides Ola and Okinawa, Ather pits against Bajaj Auto, Revolt Motor, Hero Electric, TVS Motor, and Ampere, besides several other small players.
India’s largest 2-wheeler maker Hero MotoCorp has also launched its first electric bike, upping the competition in the space.
