PE Fund Investments
Electric scooter maker Ather Energy raises Rs.350-Cr from GIC
Bengaluru-headquartered Ather Energy, which makes electric two-wheelers, has raised INR 350 crore from existing shareholder GIC through a rights issue. It will use the funds for launching new products and expanding its charging infrastructure and retail network. Earlier this week, the firm had raised INR 550 crore from another existing investor Hero MotoCorp. The company's retail footprint increased by four-fold to 130 stores from 30 stores in 2022. It has more than 200 retail touch points in over 100 cities. Ather recently expanded its product with 2.9 kWh and 3.7 kWh battery options in its flagship 450X scooter. Its entry-level product, 450S, addresses a bigger segment of the two-wheeler market.
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