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Ather Energy: On Road To Rapid Expansion With Rs 900 Crore Funding
Ather Energy recently announced that it managed to secure Rs 900 crores from its existing shareholders - Hero MotoCorp and GIC, through a rights issuance. These funds will be used for introducing new products and expanding both the charging infrastructure and retail network of Ather Energy.
In FY23, Ather Energy saw enormous growth, recording a rise in revenue from Rs 408 crore in FY22 to Rs 1,783 crore. This is an increase of Rs 1,375 crores - An increment of approximately 4.4 times.
The company has also expanded its retail presence from 30 stores in the preceding year to 130 stores. Currently, it has more than 200 retail contact points spanning over 100 cities.
It is also worth mentioning that Ather Energy has the biggest public fast-charging networks for electric two-wheelers in India. In terms of numbers, Ather Energy is said to have more than 1,500 Ather Grid chargers.
The product line of Ather broadened recently with the inclusion of 2.9 kWh and 3.7 kWh battery options in the superior 450X and the basic 450S, which caters to a larger portion of the two-wheeler market.
The company even introduced a few new features comprising of DeepView Display, brand-new switchgear, FallSafe, Emergency Stop Signal (ESS), and coasting regeneration for better range.
Tarun Mehta, CEO & Co-founder of Ather Energy, welcomed the investments, asserting that the rights issuance garnered strong support and reflects the shareholders' confidence. He said the recent years have shown the rapid transition to the Electric Vehicle and how two-wheelers will pioneer it.
Founded in 2013, Ather Energy happens to be India's primary smart electric vehicle manufacturer and is the brainchild of IIT Madras alumni, Tarun Mehta, and Swapnil Jain. It is financially sustained by Hero MotoCorp, GIC, NIIF, Sachin Bansal, and Tiger Global.
Ather introduced India's premier smart electric scooter, The Ather 450 in 2018, which was followed by their flagship Ather 450X in 2020 and the updated Gen3 of the 450X in 2022.
In August 2023, they came up with the Ather 450S and two versions of the 450X. The extensive public charging network of Ather, Ather Grid, is designed and built in India and has 1500+ charging points across 100+ cities, making it India's largest fast-charging network for e-two wheelers.
Ather holds 86 Indian and international patent applications, 169 trademarks, 150+ Indian and international design registrations, and promises the best ownership experience. Operating in over 100 cities, including Bengaluru, Delhi, Chennai, Hyderabad, Pune, Jaipur, Kochi, Ahmedabad, Mumbai, Mysore, and Kolkata, Ather establishes its vast presence.
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