EV Start-up Ather Energy Bagged $128 million investment from Hero MotoCorp and NIIF

• ByStartupStory     |    May 13, 2022

Ather Energy, an electric scooter company, announced a $128 million funding round headed by  (NIIF), India’s sovereign wealth fund, and current investor Hero MotoCorp.

In January, Hero MotoCorp confirmed a Rs 420 crore ($54 million) investment in Ather.

According to Tarun Mehta, CEO and the co-founder of Ather Energy, the cash would be utilised to expand the company’s production facilities, invest in technology, and extend its retail network.

Still, Ather is grossly undervalued… People are progressively recognizing true worth… In some ways, I’m responsible for it. “As founders, we grew concentration on operations and resolving the guts and pieces of this firm during Covid-19 then just before Covid that we concluded that we didn’t like to seek any additional funding,” he added.

“However, we now believe we have mismanaged the company.” I don’t regret it entirely since some of the starvation has resulted in unbelievable efficiency and high-quality judgments.”

This fundraising round, according to Mehta, is the very first move in correcting Father’s value. “What you’ll see after this is that we will be trying to solve the liquidity issues first,” he said. “

 

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