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Electric scooter maker Ather Energy raises Rs.130-Cr from Hero Group

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Bangalore-based electric scooter manufacturer Ather Energy has raised INR 130 crore debt from existing investor Hero MotoCorp. This is the first fund infusion in the company this year. It had raised USD 35 million in its Series D round in Nov 2020. The Pawan Munjal-led group was the primary investor in Ather Energy's Series B fundraise in 2016 and owns around 35% stake in the company. Ather Energy is planning to increase its charging stations and expand its presence in more cities. For the fiscal year ending on March 31, 2021, Ather had posted a 126% jump in operating revenue which stood at INR 79.8 crore in FY21. Its annual losses had increased by 6% to INR 233.3 crore in FY21. The company is aiming to turn profitable at the operating level in FY22 and is in the market to raise a new equity round.