Funding · Mobility & Logistics

Ather Energy raises $128 million in Series E funding round

What they do

Ather Energy manufactures electric scooters with high domestic component sourcing

The company raised $128 million led by NIIFL SOF to expand manufacturing and retail networks

Monthly revenue exceeded Rs 100 crore as the firm targets one million annual units by 2023

Ather Energy closed its Series E financing round raising $128 million.
The round was led by the National Investment and Infrastructure Fund Limited (NIIFL) Strategic Opportunities Fund (SOF).
Hero MotoCorp participated as a returning co-lead investor in this latest funding round.
Other additional investors participated but their specific names were not disclosed in the reports.
This investment marks NIIFL's first direct investment in the manufacturing sector and electric mobility.
Ather plans to use the funds to expand manufacturing facilities and research and development efforts.
The company also intends to grow its charging infrastructure and retail network across India.
Media speculation suggests the company may go public with an IPO listing by the end of 2023.

The funding supports Ather's aggressive expansion targets for manufacturing capacity and sales volume.
Hero MotoCorp's continued participation indicates strong strategic confidence in the electric two-wheeler market.
The capital injection helps scale operations while the company navigates significant operational losses.
Growth is compared against competitor Ola Electric which operates at a much faster frenetic pace.

Ather designs and manufactures electric scooters including models like the Ather 450X and 450 Plus.
The company focuses on indigenously designed products with a high domestic sourcing of components.
Manufacturing capacity aims to increase from 10,000 units per month to 35,000 units per month by late 2022.
The long-term goal is to reach a production target of one million units per year by 2023.
Retail presence included 38 experience centers across 32 cities as of May 2022.
Plans include expanding to 150 experience centers in 100 cities by the end of 2023.
The company delivered 3,779 electric scooters in April 2022 showing over 255% year-on-year growth.
Monthly revenue surpassed Rs 100 crore as of May 2022 with plans to double it in FY23.
FY21 revenue reached Rs 79.8 crore representing a 126% increase from the previous fiscal year.

National Investment and Infrastructure Fund Limited (NIIFL) Strategic Opportunities Fund (SOF) (lead) — This marks NIIFL's first direct investment in the manufacturing sector and electric mobility.
Hero MotoCorp (co-lead) — Held approximately 34.8% stake before this round and is a returning investor.