BENGALURU: Electric two-wheeler maker Ather Energy has raised $128 million in a Series E round led by National Investment and Infrastructure Fund Limited (NIIFL), which is India’s sovereign wealth fund and Hero MotoCorp, among other investors.
The company plans to use the funding to expand manufacturing facilities, invest in research and development, charging infrastructure and to grow its retail network. This will be NIIFL’s first direct investment in the manufacturing sector and in electric mobility.
The investment enables NIIFL to play a role in mainstreaming the electric two-wheeler sector in India at an early stage of development. Tarun Mehta, CEO, Ather Energy, said, “The current round of investment will help us enhance capacities across the board, bring additional focus on new platforms, expand into new geographies and expand our fast-charging network.”