Ather Energy Series announces completion of E round of $128mn funding led by NIFL, SOF and Hero MotoCorp

Ather Energy, one of India’s leading electric two-wheeler company, today announced completion of its Series E round of funding with signing of investment agreements amounting to $128 million with National Investment and Infrastructure Fund Limited’s (NIIFL) Strategic Opportunities Fund (SOF), and Hero MotoCorp, a significant shareholder of Ather, and additional investors. Ather Energy plans to use the funding to expand manufacturing facilities, invest in Research and Development, charging infrastructure and to grow its retail network. After a strong start to the year, the company registered the highest ever monthly sales in April 2022 delivering 3,779 units to customers. Booking orders for Ather Energy’s flagship product, the Ather 450X is growing at 25% quarter-on-quarter. Ather Energy already has a robust retail sales network across the country, with presence in 32 cities with 38 Experience Centres and aims to expand to 150 Experience Centres in 100 cities by 2023. Commenting on the investment, Tarun Mehta, CEO, Ather Energy, said “The switch to electric is inevitable and FY 21-22 was the turning point for electric two-wheeler adoption in India. We are super excited to have NIIF come on board as an investor. They have been at the forefront of the country’s green transition through