Roehl Niño Bautista · · 1 min readIndian e-scooter maker rides to $128m raise
India-based electric scooter maker Ather Energy raised US$128 million in a series E round, which saw participation by Hero MotoCorp as well as the Strategic Opportunities Fund – an investment vehicle run by India’s National Investment and Infrastructure Fund.
Ather Energy co-founders Swapnil Jain (left) and Tarun Mehta / Photo credit: Ather Energy
Ather produces smart electric scooters with built-in screens that allow access to the vehicles’ navigation, entertainment, and communication functions. Riders can also view monthly ride logs to monitor their usage.
Other electric vehicle owners with a compatible charger can use Ather’s charging points, 300 of which are available across India.
The company was founded by CEO Tarun Mehta and CTO Swapnil Jai in 2013. The latest raise will fund its manufacturing expansion, research and development efforts, fast-charging infrastructure improvements, and retail network growth.
Ather is also planning to boost its presence from 38 experience centers in 32 cities to 150 experience centers in 100 cities locally by next year.
“The switch to electric is inevitable and FY22 was the turning point for electric two-wheeler adoption in India,” Mehta said.
See also: India hasn’t found its own Tesla. Ather offers a two-wheeled solution.
Editing by Miguel Cordon and Jaclyn Tiu
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