Electric vehicles (EVs) are taking the world by storm, and India is no exception. Ather Energy, a prominent player in the Indian electric scooter market, has recently made headlines by securing an impressive $108 million in its latest funding round. This substantial investment comes from Hero MotoCorp, the largest shareholder in Ather, and Singapore-based sovereign wealth fund GIC. In this blog post, we’ll explore the significance of Ather Energy’s funding and what it means for the future of electric scooters in India.
Ather Energy’s Ambitious Plans
Ather Energy has bold plans for utilizing the newly acquired funds:
- Expanding Charging Infrastructure: Ather Energy is committed to expanding its existing charging network across India. With 1,500 charging grids already operational, this investment will provide even more convenient charging options for electric scooter users.
- Innovation Through Research and Development: Tarun Mehta, the company’s co-founder and CEO, envisions significant investments in research and development. This funding will drive innovation in electric scooter technology, potentially leading to the introduction of new and enhanced models.
- Retail Growth: Ather Energy is also focusing on expanding its retail presence. In a short time, the company has increased its store count from 30 to an impressive 130 stores, making their electric scooters more accessible to consumers.
Impressive Valuation and Sales
Ather Energy’s journey has been remarkable. In October 2022, following a $50 million funding round, the company was valued at $739 million, underscoring the increasing demand for electric scooters in India.
According to Vahan data, Ather Energy sold 6,835 units in August, showing a consistent sales increase. This follows 15,420 units sold in May and 12,184 units in March. With these figures, Ather Energy is on its way to becoming a dominant player in the Indian electric scooter market.
The Evolving EV Landscape in India
Ather Energy’s funding is timely, coinciding with India’s rapid surge in electric vehicle adoption. The government’s ambitious target is to have electric two-wheelers account for 70% of all two-wheeler sales by 2030, a significant jump from the current 14%.
This growing interest in electric vehicles is exemplified by Ola Electric, India’s largest e-scooter maker, which recently launched affordable electric scooter models.
In conclusion, Ather Energy’s funding signals growth in India’s electric scooter market. With substantial investments in charging, R&D, and retail expansion, the company is poised to lead EV innovation.
Stay tuned for more developments in India’s electric vehicle sector as Ather Energy electrifies the nation’s roads.