Electric scooter maker Ather Energy said it has raised $128 million in a funding round led by National Investment and Infrastructure Fund (NIIF) and existing investor Hero MotoCorp.
Tarun Mehta, cofounder of Ather Energy, told ET the funds will be used for expanding manufacturing facilities, to grow the company’s retail network, and for research and development and charging infrastructure. “The largest chunk of investment will go into investing in capacity – not just our own capacity but also that of the supply chain so that it can scale quickly,” Mehta said. “Overall, our components are fairly unique, so we have to make sure that our suppliers can invest for us. So a fair bit of capacity will go towards that.”
