Hike funding

Electric vehicle maker Ather Energy reportedly raises up to $250 million to overtake rivals, Auto News, ET Auto

Ather Energy saw a massive jump selling 5,239 vehicles from just 1,289 in July.

New Delhi: Electric scooter maker Ather Energy has reportedly raised up to $250m in a new funding round as the debate over electric vehicle fires finally appears to be settling with no new cases of battery fire is reported in the country.

According to Money Control, the funding round is in its early stages and the plan is to raise between $200 million and $250 million to get a fresh start in the competitive electric two-wheeler market dominated by Hero Electric and Okinawa Autotech.

When reached, Ather Energy did not comment on the development.

In May, Ather Energy raised $128 million in a funding round led by sovereign wealth fund National Infrastructure Investment Fund (NIIF) and existing backer Hero MotoCorp, which invested nearly $56 million in the round.

The funds will be used by Ather Energy to expand manufacturing facilities, invest in research and development, charging infrastructure and expand its retail network.

“The company is expected to increase its capacity from 10,000 per month to 35,000 per month by this year and we are already building a new factory. We are expected to reach 1 million capacity just next year,” said Tarun Mehta, CEO from Ather Energy. said in a statement.

According to him, the company is currently generating revenue of over Rs 100 crore per month and aims to double that figure in FY23.

The latest funding round of $200-$250, should it materialize, will help Ather Energy take a big leap ahead of its rivals that are getting ahead.

Hero Electric once again led India’s two-wheeled electric vehicle (EV) segment in August, selling a record and highest of 10,476 vehicles in a month, followed by Okinawa Autotech with 8,554 vehicles, the latest data revealed. government of VAHAN.

Ola Electric, led by Bhavish Aggarwal, sold 3,421 electric two-wheelers in August, down from 3,862 units the company sold in July, indicating it has yet to get its strategy back on track.

Ather Energy saw a massive jump selling 5,239 vehicles from just 1,289 in July.

Ampere Vehicles Pvt Ltd, which sold 6,319 vehicles last month, saw an uptick to 6,396 units sold.