June 1, 2024: Ather Energy, which claims to be the largest electric scooter manufacturer has secured ₹286 crore ($34.5 million) investment. The funding round follows nine months after the firm revealed raising Rs 900 crore from its present investor Hero MotoCorp and GIC, through a rights issue.
As per the ROC filings, the board of directors of Ather Energy have sanctioned the appointment of Kaushik Dutta as an independent director of the company for a tenure of five years, commencing from May 6, 2024. Dutta currently serves as Zomato’s chairman, including chair of audit and other committees on the Boards of HCL lnfosystems Ltd, New Gen Software Limited, PolicyBazaar (PB Fintech) Limited, and Resilient Systems Private Limited (Bharat Pe).
Dutta is also the founding co-director of Thought Arbitrage Research Institute, a non-profit organisation, and a fellow member of the Institute of Chartered Accountants.
Ather Energy Launches Rizta
The latest round of investment by the IPO bound EV maker was raised through a combination of debt and equity. The mix of the investment include venture debt firm Stride Ventures investment of ₹200 crore through non-convertible debentures, Ather Energy co-founders Tarun Sanjay Mehta and Swapnil Babanlal Jain infused ₹ 43.28 crore each through Series F compulsory convertible preference shares, based on the filings at the Registrar of Companies (ROC).
The development was reported by Entrackr first. The funding round follows nine months after the IPO-bound firm announced securing Rs 900 crore from existing stakeholders Hero MotoCorpand GICthrough a rights issue. During the same month, Hero MotoCorp acquired an additional 3% stake in Ather for Rs 140 crore.
Earlier this month, Ather Energy unveiled its latest addition to the electric scooter market, introducing the Ather Rizta. Priced competitively at ₹1.10 lakh onwards (introductory, ex-showroom, Bengaluru), the bookings for the eagerly anticipated Rizta commence at an attractive ₹999, with deliveries slated to begin in July.
