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Indian electric two-wheeler manufacturer, Ather Energy, has raised announced a fresh investment of Rs 84 crores. The latest investment is backed by Hero MotoCorp, as an extension of its Series C round that was led by Sachin Bansal.
Hero MotoCorp has been a part of Ather's growth story since 2016, when they first invested as a part of Series B. The new funding will help the company with its upcoming aggressive expansion plans in the country.
Staring with the expansion plan, the company has announced a new facility to meet the rising demand. Ather is opening a new manufacturing facility in Hosur, which is designed to produce 100,000 units annually and is scalable to half a million units.
Additionally, the company also aims for a phase-wise sales expansion across the country. It is looking to scale to 20 cities by the end of 2021. The Ather recently launched flagship scooter, the 450X has caught the attention of automobile and tech enthusiasts, and will soon be available in cities like Hyderabad, Pune, Delhi and Mumbai, with deliveries beginning in October 2020.
Along with the phase-wise expansion and increase in production, the company also plans to improve the charging infrastructure as well. Ather Energy will also set up Ather Grid fast charging points across the country over the next five years, making public charging easy and accessible to all-electric vehicle owners.
Tarun Mehta, Co-founder & CEO, Ather Energy, said, "We are in a high growth phaseof our journey, and while the last few months have been challenging, we have not altered ourexpansion plans. Our geographic expansion and the roll-out schedule for the Ather 450X areon track, and we will be using these funds to invest in our facilities to meet the demand we haveseen for the Ather 450X across the country."
Along with its flagship scooter, the company also announced attractive ways to own an Ather electric scooter. This includes several financing and ownership models, making for easier adoption of electric vehicles and more accessible to its customers.
Ather has also been at the forefront when it comes to after-sales service. This includes Ather One, pick up and service, 24X7 roadside assistance, free charging at home and in public. Also, the main regular OTA updates made to the scooter to add new features and functionality.
Rajat Bhargava, Head of Emerging Mobility Business Unit (EMBU), Global Business & Strategy, Hero MotoCorp, said, "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) shortly."
"In addition to our efforts of developing a robust external eco-system for EVs, we are also aggressively working on our internal EV program. We aim 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," he further added.
Thoughts About Ather Energy Raising Rs 84 Crore Funding From Hero MotoCorp
Ather Energy is looking to move aggressively with its phase-wise expansion plan across the country. With new investment added to the completed round of funding, the company seems to have gained the confidence from one of its major investor for the expansion plans.