Ather Energy, an Indian electric scooter manufacturer, said in a statement on Sept 6 that it had raised Rs 900 crore ($108.27 million) through a rights issue from its shareholders Hero MotoCorp and Singapore's GIC.

Ather Energy plans to use the funds to launch new products and expand its charging infrastructure and retail network. "The last few years have shown how quickly the EV transition in India can be and how it will be led by two-wheelers." "With this round, we will be able to expand our product portfolio while also expanding our footprint," said Tarun Mehta, CEO and Co-founder of Ather Energy.

Ather experienced strong growth in FY23, with revenue increasing 4.4 times to Rs 1,783 crore from Rs 408 crore in FY22. The EV company also quadrupled its retail footprint, from 30 to 130 stores in a year. Ather Energy currently has over 200 retail touchpoints in over 100 cities, as well as public fast-charging networks for electric two-wheelers with over 1,500 Ather Grids.

Ather recently expanded its product portfolio with 2.9 kWh and 3.7 kWh battery options in the flagship 450X as well as an entry-level product, the 450S, to address a bigger segment of the two-wheeler market. Founded in 2013 by IIT Madras alumni Mehta and Swapnil Jain, Ather is backed by Hero MotoCorp, GIC, NIIF, Sachin Bansal, and Tiger Global. It currently operates in over 100 cities including Bengaluru, Delhi, Chennai, Hyderabad, Pune, Jaipur, Kochi, Ahmedabad, Mumbai, Mysore, and Kolkata.