Bangalore-based Ather Energy announced that it has raised Rs 84 crore from Hero MotoCorp as an extension of series C round. Hero MotoCorp first invested in the company as a part of series B funding in 2016 and they have been a part of the company’s growth ever since. Ather plans to expand its operation with the flagship 450X and has a target of reaching 20 cities by 2021. Currently, Ather dealerships are present in Chennai and Bengaluru. Here, the company has also setup charging stations for it’s customers.
What is Ather Energy going to do with this funding?
The company is opening a new manufacturing facility in Hosur which is designed to deliver one lakh units annually and is scalable to half a million units. A network of fast charging points of Ather Grid will be set up across the country over the next five years. This will make public charging accessible and easy for people who own electric vehicles. Amid Coronavirus, the company has been working on rolling out finance models and plans for quick and burden-free ownership of its products. This will help customers enjoy it’s products and at the same time, have enough cash at their disposal.
While this would make it easier for everyone to access electric vehicles, it also helps in reducing carbon emissions. Ather recently introduced the county’s first personal lease plans for scooters with a monthly payment of Rs 2589. Existing customers can also opt for Ather One program that provides services like doorstep pick up and service, 24X7 roadside assistance, free charging at home and in public and more.
The company recently launched a dark theme and new ride modes for its product via the OTA or over-the-air updates. The Ather 450 locks horns with the likes of the Bajaj Chetak and TVS iQube in the market. With the new funds that have been raised, we can expect new products and features from Ather along with the expansion of its functions to other cities of the country.