Electric two-wheeler pioneer Ather Energy has successfully closed its Series E funding round, securing $128 million in investments. The round saw participation from the National Investment and Infrastructure Fund Limited’s (NIIFL) Strategic Opportunities Fund (SOF), along with Hero MotoCorp, a significant stakeholder in Ather, and other investors.
The funding is set to accelerate Ather’s expansion plans, which include scaling up manufacturing capacity, enhancing R&D, boosting charging infrastructure, and widening its retail network across India. The company currently operates 38 Experience Centres in 32 cities and aims to grow this presence to 150 centres across 100 cities by 2023.
April 2022 marked a milestone for Ather, as the company recorded its highest-ever monthly sales, delivering 3,779 units. The company’s flagship model, the Ather 450X, continues to attract strong demand, with booking orders rising by 25% quarter-on-quarter.
Speaking on the development, Tarun Mehta, CEO of Ather Energy, stated, “The switch to electric is inevitable, and FY22 was a turning point for EV adoption in India. This investment will help us enhance capacities across the board, explore new platforms, expand our fast-charging network, and further solidify our reputation for high-quality EVs.”
This funding round marks NIIFL’s first direct investment in both electric mobility and the manufacturing sector. The move aligns with India’s national goals of promoting clean energy and reducing carbon emissions. It also strengthens NIIFL’s commitment to supporting homegrown ventures driving India’s green transition.
Padmanabh Sinha, Executive Director & CIO at NIIFL, commented, “The electric two-wheeler market is poised for rapid growth. Ather Energy stands out for its strong domestic sourcing, IP portfolio, and adaptability to Indian conditions. We are thrilled to back Ather’s vision and their leadership in EV innovation.”
This is SOF’s fourth major investment, following stakes in Aseem Infrastructure Finance, NIIF IFL, and Manipal Hospitals, further reinforcing its diversified and future-focused investment strategy.
With this strategic infusion of capital, Ather Energy is well-positioned to lead India’s EV revolution and scale new heights in clean mobility.
