Ather Energy raises Rs 84 crores from Hero MotoCorp in Series C funding
Electric scooter start-up Ather Energy has raised Rs 84 crore from Here MotorCorp as part of its Series C round of investments from private equity funds and other investors. The country's largest two-wheeler maker Hero Motocorp had earlier invested in Ather in the Series B round of investments. With this, Hero MotoCorp now has 34.58 per cent shareholding in the start-up, up from the earlier 31.27 per cent.
The latest round of investment into Ather began in 2019 with the lead investor being Flipkart founder, Sachin Bansal. The company has garnered USD 51 million in this round, which forms a big chunk of the USD 91 million that angel investors and PE firms have put into the EV start-up. Hero MotoCorp had earlier invested in the Series B round of investments in 2016, when it had put in Rs 180 crores. Other notable investors in Ather have been large-scale PE firm Tiger Global Management and Mumbai-based Innoven Capital.
With this investment in place, Ather is now focusing on expanding its operations to 20 cities across India. Deliveries of the new flagship Ather 450X will begin in October, and the new scooter will also be available in Hyderabad, Pune, Delhi and Mumbai. To meet the expected high levels of demand, the Bangalore firm is now setting up a new facility in Hosur, which can produce 1 lakh units annually, and is scalable to half 5 lakh units. The company is also growing its Ather Grid network of chargers.
Ather has also introduced numerous financing and ownership models. Its personal lease program for scooters is a first for India, and offers scooter for as less as Rs 2,589 per month. It has also introduced subscription plans and Ather One, a daily usage solution that includes doorstep pick up and service, 24X7 roadside assistance, free charging at home and in public etc.