Ather Energy, one of India’s leading electric vehicle companies, which focuses on two-wheelers, announced raising INR 900 crores from existing shareholders Hero MotoCorp and GIC, through a rights issue. Ather plans to use the funds for new product launch and expansion of its charging infrastructure and retail network.

Ather has witnessed sharp growth in FY23, with the company’s revenue jumping 4.4X to Rs 1,783 crore from Rs 408 crore in FY22. Ather also increased its retail footprint by 4X, to 130 stores from 30 stores last year. Currently, Ather Energy has over 200 retail touchpoints across 100+ cities and has the largest public fast-charging networks for electric two-wheelers with over 1,500 Ather Grids.

Commenting on the investment, Tarun Mehta, CEO & Co-founder, Ather Energy, said, “There was strong support for the rights issue and we are very happy to see the confidence exhibited by shareholders. Last few years have demonstrated just how quick the EV transition in India can be and how it will be led by 2 wheelers. We have always believed that this transition will be led by world class technology and products designed and built in India and this year will be no different with our largest outlay on research and development yet, planned in 2023-24. This round will allow us to expand our product portfolio while expanding our footprint.”