Ather Energy Raises $50 Million In Funding Round Led By Caladium Investment

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Ather Energy's electric scooters
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Ather Energy, an electric two-wheeler startup, has raised $50 million in funding led by Caladium Investment, an existing investor. This is approximately INR 400 crore. 

To raise the funding amount, Hero-MotoCorp backed company will issue 51,359 Series E1 compulsorily convert preference shares at Rs 78,008/share.

Ather’s value is estimated to be between $700-800 million after this round of funding. As electric two-wheeler sales in India are growing, Ather might use the funding for manufacturing capacity expansion. The start-up is about to open its second manufacturing facility.

In addition to installing 820 EV charging stations, the OEM plans to expand its expansion. This will bring the total number of charging grids to 1,400 by FY23 end. The OEM has recently partnered with Flipkart in order to increase online retail sales.

Ravneet S Phokela, the Chief Business Officer of Ather Energy stated that the company was planning to sell at least 9,000 electric scooters in a month starting in August 2022.

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