Indian electric scooter maker Ather Energy raises $128 million

Oluwajuwonlo Afolabi -

India-based electric scooter maker, Ather Energy has raised $128 million from the National Investment and Infrastructure Fund (NIIF), the Indian government's sovereign wealth fund, and Hero MotoCorp.

  • The company claims the fund will be used to increase its manufacturing facilities, invest in research and development, expand its charging infrastructure and scale its retail network.
  • The latest investment marks Ather's funding from institutional investors since it last raised funds from Tiger Global in 2015.
  • Since it registered an all-high sales in February 2022 (3,779 units sold), the company projects a 100% increase in demand in the next five months.