Ather Energy, the electronic 2-wheeler maker, raised $128 million of funding in its Series E round from National Investment and Infrastructure Fund Ltd.’s Strategic Opportunities Fund and Hero MotoCorp.
Initiating the discussions with investment banks in the recent weeks, Ather Energy, Bengaluru-based e-scooter maker, explores the possibilities of setting up the initial public offering in the near future, anonymous sources said.
The company is currently in preparatory talks and are trying to gather info on what can be expected with the valuations if they were to go ahead with an IPO in the coming quarters. Given the current market conditions with the talks being in a very early stage, Ather may not consider going ahead with an IPO at this point of time, the sources also added.
Founded by Swapnil Jain and Tarun Mehta in 2013, Ather Energy is one of India’s leading electric 2-wheeler makers.
Due to the rising interest rates in the US and major economies, the recent market got its corrections, which is making investors not too excited about tech IPOs at present.
Ather Energy, the electronic 2-wheeler maker, raised $128 million of funding in its Series E round from National Investment and Infrastructure Fund Ltd.’s Strategic Opportunities Fund and Hero MotoCorp, which hold significant shares in the company, valuing Ather Energy at $1 billion. The company said that they will invest in research and development, charging infrastructure, expand manufacturing facilities and grow its retail network using the funding.
The company said in the press release announcing the fundraise that “after a solid start of the year, Ather Energy registered and recorded highest monthly sales ever in April 2022 with 3,799 delivery of the units to customers. The Ather 450X, Ather Energy’s flagship product, begins to grow at 25% each quarter. The company already has a vigorous retail sales network across the country- 32 cities with 38 experience centers. The goal is to expand experience centers to 150 in 100 cities by 2023.”
As the electric 2-wheeler market grow and Ather Energy now competes with Ola Electric, Bajaj Auto, Hero Electric, Revolt Motor, TVS Motor, Ampere and Okinawa, Ather holds its way on top with Hero MotoCorp planning to enter the same space later this year.