Bangalore based electric two-wheeler maker Ather Energy has confirmed that it is looking to raise about ₹200 to ₹300 crore in the coming few months with an aim of expanding in the new geography that includes the markets of Chennai and Pune.
Started in 2013 by IIT graduates Swapnil Jain and Tarun Mehta, the company has the backing of Hero MotoCorp, India’s largest two-wheeler maker and Tiger Global Management who along Flipkart founders Sachin and Binny Bansal have infused about $59 million in funding.
As per the reports, If the company manages to bag the amount, the needs of the company will be covered for about one year. However, they will have to raise the capital again as they make inroads further. The fresh funds will allow Ather Energy set up an experience center each in Chennai and Pune where the potential customers can turn up and check out the vehicles.
The fresh funds will allow the company to increase their production capacity significantly. Ather Energy currently produces about 50 vehicles per week which they want to take to 250 using the latest capital. In the next three years, the firm plans to have more than 10,000 vehicles on the road.
One of the people in the know of the things which are going on said that “Ather Energy will need to raise funds within a year since operations will be expanded to Chennai and Pune within the next three months."
The company had recently launched two of their vehicles named Ather450 and Ather340. For the charging of the vehicles, the company has set up their own network called AtherGrid across Bangalore. Their next charging infrastructure will be coming in Chennai.
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