Ather Energy has now secured INR 84 crore in a fresh funding round by the Hero MotoCorp, as an extension of its Series C funding round that was backed by the Sachin Bansal.
With the new funding, Ather is now entering an aggressive expansion phase of the back of its flagship product, the Ather 450X, and is now looking to scale to 20 cities by the end of 2021.
Tarun Mehta, Co-founder, and CEO, Ather Energy, said,
“We are in a high growth phase of our journey, and while the last few months have been challenging, we have not altered our expansion plans. Our geographic expansion and the roll-out schedule for the Ather 450X are on track, and we will be using these funds to invest in our facilities to meet the demand we have seen for the Ather 450X across the country.”
Rajat Bhargava, Head of Emerging Mobility Business Unit (EMBU), Global Business and Strategy, Hero MotoCorp, added,
“We are excited to see the growth of Ather Energy in recent years. We see immense potential for them to expand their market even further, especially given the likely growth of electric vehicles (EV) in the near future. In addition to our efforts to develop a robust external ecosystem for EVs, we are also aggressively working on our internal EV programme. Our aim is to provide accessible electric mobility to customers across the globe. Sustainability and a clean, green environment remain central to our vision to be the future of mobility.”