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Ather Energy Raises $50 Million In Funding: Report

Caladium Investment led the round with Rs 400 crore investment while Herald Square Ventures pumped in Rs 64 lakhs

Ather Energy Raises $50 Million In Funding: Report
POSTED ON October 18, 2022 7:28 PM

Bengaluru-based electric scooter maker Ather Energy has raised $50 million in a round led by existing backer Caladium Investment.

This is the second equity round for the company in 2022.

The board at Ather Energy has passed a special resolution to issue 51,359 Series E1 CCPS at an issue price of Rs 78,008 per share to raise Rs 400.6 crore or $50 million, Entrackr reported, citing regulatory filing with the Registrar of Companies (RoC).

Caladium Investment led the round with Rs 400 crore investment while Herald Square Ventures pumped in Rs 64 lakhs. 

The fresh capital seems to be the extension of the $128 million fundraise in May this year which was led by India's sovereign wealth fund National Investment and Infrastructure Fund (NIIF) and Hero MotoCorp.

Ather Energy has been valued at around $750 million after the round. It is likely to raise more money in this round and enter the unicorn club soon, the Entrackr report said.

Last month, Ather also raised $6.2 million in debt from InnoVen Capital. 

According to an Entrackr report, EV-focused startups have raised more than $670 million till September this year, a significant jump from $570 million in 2021 and $195 million in 2020.

Ather Energy recorded a 16% jump in its scooter sales to 7,435 units in September as compared to 6,410 units in the previous month, as per the data available on the government’s Vahan dashboard.

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