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Electric vehicle firm Ather Energy on Wednesday said it has raised Rs 900 crore from existing shareholders Hero MotoCorp and global investment firm GIC through a rights issue.

Ather Energy said it plans to use the funds for new product launch and expansion of its charging infrastructure and retail network.

“Last few years have demonstrated just how quick the EV transition in India can be and how it will be led by 2 wheelers. This round will allow us to expand our product portfolio while expanding our footprint,” said Tarun Mehta, CEO and Co-founder, Ather Energy.

Ather witnessed sound growth in FY23, with the company’s revenue jumping 4.4 times to Rs 1,783 crore from Rs 408 crore in FY22. 

The EV firm also increased its retail footprint by 4 times, to 130 stores from 30 stores last year. 

Currently, Ather Energy has over 200 retail touchpoints across more than 100 cities and a public fast-charging networks for electric two-wheelers with over 1,500 Ather Grids.

Ather recently expanded its product portfolio with 2.9 kWh and 3.7 kWh battery options in the flagship 450X as well as an entry level product, the 450S, to address a bigger segment of the two-wheeler market. 

Founded in 2013 by IIT Madras alumni Mehta and Swapnil Jain, Ather is backed by Hero MotoCorp, GIC, NIIF, Sachin Bansal, and Tiger Global. 
It currently operates in over 100 cities including Bengaluru, Delhi, Chennai, Hyderabad, Pune, Jaipur, Kochi, Ahmedabad, Mumbai, Mysore, and Kolkata.