Ather Energy has received Rs 84 crore in investment from Hero MotoCorp as an extension of its Series C round. Hero MotoCorp first invested in Ather as a part of Series B round in 2016. The electric scooter manufacturer is planning to expand operations to more cities this year with the rollout of its new flagship scooter 450X. Ather is looking to scale its operations up to 20 cities by the end of 2021. Ather 450X will soon be available in cities like Hyderabad, Pune, Delhi and Mumbai, with deliveries beginning in October 2020.
Ather is also opening a new manufacturing facility in Hosur, with a capacity of 100,000 units a year, and is scalable to half a million units. Ather Energy will also set up Ather Grid fast charging points across the country over the next five years, making public charging accessible to all electric vehicle owners.
In the past few weeks, Ather has been working on financing and ownership models, to make ownership of Ather electric scooters easier for its customers. The company introduced a lease program for scooters, with monthly payments as low as Rs 2589. Other initiatives include post-sales experience with subscription plans, Ather One, that includes doorstep pick up and service, 24X7 roadside assistance, free charging at home and at public chargers, etc.
Ather electric scooters also support over the air (OTA) updates to add new features and functionality remotely. The company first rolled out OTA updates in September 2018, adding features like a dark theme, new ride modes, and guide-me-home light.
The geographic expansion and the roll-out schedule for the Ather 450X are on track, and Ather will be using these (Hero MotoCorp) funds to invest in the facilities to meet the demand foreseen for the 450X across the country, Tarun Mehta, Co-founder & CEO, Ather Energy, said.
Hero MotoCorp’s aim is to provide accessible electric mobility to customers across the globe. Sustainability and a clean, green environment remain central to our vision to be the future of mobility, Rajat Bhargava, Head of Emerging Mobility Business Unit (EMBU), Global Business & Strategy, Hero MotoCorp, said.
Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.