Ather Energy also intends to grow its allocation network from 50 stores today to 200 stores next year, and this expansion is expected to drive demand going forward.
Ather Energy has raised $50 million, led by its existing sponsor Caladium Investment, for regulatory submissions via the enterprise intelligence forum Tofler.
The current valuation of Ather Energy has been estimated at around $700-800 million after the fundraising.
Sources said the latest round is a continuance of a $128 million round in May led by India’s sovereign wealth fund, the National Investment and Infrastructure Fund (NIIF), and Hero MotoCorp.
The company will utilize new capital to boost production capacity this year as demand for electric vehicles surges. A second manufacturing establishment qualified for assembling 400,000 pieces per year is prepared for production.
Sources revealed that the “Company’s current annual revenue run rate for FY23 is over Rs 1,000 crore. This is more than double the Rs 408 crore revenue for FY22, which was five times its revenue in the previous financial year.”
The central government of India has launched a two-year FAME (Hybrid and Electric Vehicles) accelerated adoption and production plan with an approved expenditure of INR 775 million in 2015. The plan, extended through September 2018, will focus on technology development, demand generation, pilot projects, and charging infrastructure.
Government-backed Energy Efficiency Services Ltd (EESL) has begun a bid to deploy 20,000 electric vehicles nationwide for government use. Accordingly, the government plans to increase the proportion of electric vehicle sales to 30% for private cars, 70% for commercial vehicles, 40% for buses, and 80% for two-wheeled and three-wheeled vehicles by 2030.
