Ather Energy Raises Rs 286 Cr Ahead of IPO
The new funds will likely support Ather's new product launches and the expansion of its charging infrastructure and retail dealership network
Electric vehicle maker Ather Energy has raised Rs 286 crore (USD 34 million) through a combination of debt and equity, primarily from venture debt, according to media reports. The round included significant investments from Co-founders Tarun Mehta and Swapnil Jain, who each invested Rs 43.28 crore via Series F preference shares, according to reports.
Stride Ventures contributed approximately Rs 200 crore through debentures. This funding comes nine months after Ather raised Rs 900 crore from existing investors Hero MotoCorp and GIC through a rights issue.
The new funds will likely support Ather's new product launches and the expansion of its charging infrastructure and retail dealership network.
Founded in 2013 by IIT Madras graduates Mehta and Jain, Ather Energy has sold over 1.73 lakh electric scooters to date. It is backed by Hero MotoCorp, Tiger Global, and GIC, and was last valued at $700 million. The company aims to go public by 2025, with HSBC Holdings Plc, Nomura Holdings Inc., and JPMorgan Chase & Co. assisting with the IPO.
