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Ather Energy, an electric two-wheeler manufacturer, is reportedly seeking to raise up to $250 million in a fresh funding round after the country seems to have settled the debate about EV fires with no new battery fires being reported.
According to a report, the funding round has just begun and the goal is to raise $200-$250 million to help chart a new course in the highly competitive EV-two-wheeler market that is dominated by Hero Electric or Okinawa Autotech.
Ather Energy raised $128 Million in May in a round of funding led by the National Infrastructure Investment Fund, a sovereign wealth fund, and Hero MotoCorp. The round saw investments totalling $56 million.
Ather Energy will use the funds to expand its manufacturing facilities, invest in research and development, charge infrastructure and grow its retail network.
The company will increase its capacity from 10,000 per month to 35,000 per month by the end of this year, and we are currently building a new plant. Tarun Mehta (CEO of Ather Energy), stated in a statement that we should reach 1 million capacity by next year.
He stated that the company generates revenues of more than Rs 100 crore per month and plans to double this figure in FY23. Ather Energy will make a huge leap ahead of its competitors by raising $200-$250 in funding.