Ather Energy Closes USD 34.5 Mn Funding Round with Support from Co-Founders, Stride Ventures Tarun Mehta and Swapnil Jain, the co-founders of the Bengaluru-based company, have contributed around INR 43.28 crore.
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EV manufacturer Ather Energy has announced the raising of INR 286 crore (USD 34.5 million) through a combination of debt and equity.
Tarun Mehta and Swapnil Jain, the co-founders of Ather, contributed INR 43.28 crore each in Series F compulsory convertible preference shares, while venture finance firm Stride Ventures invested INR 200 crore through non-convertible debentures, as reported by different media portals.
The money will probably be used by Ather to promote new products, expand its network of retail dealerships, and improve its charging infrastructure.
Nine months ago, the IPO-bound firm declared that it had raised INR 900 crore through a rights issue from existing investors Hero MotoCorp and GIC. For INR 140 crore, Hero MotoCorp purchased an extra 3% of Ather in the same month.
Up to now, Ather has raised almost USD 450 million.
Founded in 2013 by Tarun Mehta and Swapnil Jain, the EV manufacturing company comprises more than 1,400 charging stations located in 100 locations. Three electric scooters—the Ather 450X, Ather 450 Plus, and Ather 450S—are its areas of expertise in manufacturing.
With support from HeroMoto Corp, Tiger Global, and GIC, the platform has sold over 1.73 lakh electric scooters to date.
