- Ather gets Rs 900 crore investment
- Hero MotoCorp invested through a rights issue
- Family e-scooter under development
Ather Energy has received a significant investment from its existing shareholders. Hero MotoCorp and GIC have infused Rs 900 crore into this company through a rights issue.
The company says this new investment will fund the new product development and launch and expand its charging infrastructure and retail network. Currently, Ather sells only one EV brand, which is the 450X. There are multiple variants under this umbrella, but now the company wants to bring in more body styles. In fact, there’s a rumour that the brand will launch a new family e-scooter in the next two to three years.
Over the last two years, Ather has seen a massive jump in sales and revenues. The primary reason for this was the aggressive retail expansion done by Ather. This helped the brand bring in more sales, and due to the FAME 2 incentives for EVs with bigger batteries, Ather was one of the companies that benefitted the most. However, those significant incentives are no longer present, so the sales have come down quite a bit.
