India’s leading EV maker, Ather Energy has raised US $ 50 million funding in the latest round of investment led by Caladium Investment and Herald Square Ventures. After this round, the company was valued at $ 700-800 million.
According to reports, this latest round of funding was an extension of its $ 128 million fundraising, led by the National Investment and Infrastructure Fund (NIIF) and Hero MotoCorp in May this year.
The company will use these funds to expand its manufacturing facilities, develop new techs and platforms (R&D), and grow dealers’ networks and charging infrastructure across the nation. And interestingly, the company’s second manufacturing facility is almost ready to kick-start production. It has an annual production capacity of 4 lakh units. There are also rumours about Ather Energy being in discussions with stakeholders to establish a third production plant. The company is also preparing for an IPO (initial public offering).
Reports also suggest that Ather Energy’s annual revenue for FY23 has already crossed the Rs 1,000 crore mark, more than double its revenue in FY22 (Rs 480 crore)