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Hero Motocorp-Backed Ather Energy Raises Rs 400 Crore In Series E Funding

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Hero MotoCorp-backed Ather Energy raises Rs 400 crore in Series E funding

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Ather Energy was valued at around $750 million to $800 million after the funding round, informed sources told CNBC-TV18.

Hero MotoCorp-backed electric two-wheeler maker Ather Energy raised Rs 400.6 crore ($50 million) in a round led by existing investor Caladium Investment, officials told CNBC-TV18. sources aware of the developments.

Ather Energy was valued at around $750 million to $800 million after the funding round, informed sources told CNBC-TV18.

The latest fundraising is a $128 million Series E extension that was led by the National Investment and Infrastructure Fund (NIIFL) Strategic Opportunities Fund (SOF) and Hero MotoCorp along with other investors in May this year.

With the Ather 450X and Ather 450 Plus electric scooter models in its product portfolio, the company has grown aggressively, with the opening of nine new markets – Pune, Ahmedabad, Mumbai, Delhi, Coimbatore, Kochi, Kozhikode and Kolkata, and the installation of Ather Grid in all new towns.

The EV maker also unveiled its collector’s edition vehicle, the Series 1, India’s only two-wheeler with transparent panels in September. The Series 1 vehicle was designed for first time owners of the vehicle with only a limited group eligible for purchase.

Hero MotoCorp is an early investor in Ather Energy and has been part of its growth story since 2016. The company currently has a roughly 35% stake in the electric two-wheeler maker.

Ather has a factory in Hosur, Tamil Nadu with a current capacity of 1.2 lakh units per year. Capacity is expected to reach four lakh units per year with the new facility in Hosur, which is expected to be operational later this year.

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