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NIIFL is a government-led fund established in 2015 with Abu Dhabi Investment Authority and HDFC Group as investors.
Ather Energy is one of the older electric vehicle startups in India and has had a good track record in terms of safety and reliability. Ather recorded its highest monthly sales in April 2022, having delivered 3,779 units and the 450X e-scooter has reported a growth quarter-on-quarter growth of 25 percent.
With its Series E funding, Ather Energy has raised $286 million at a valuation of $591 million (as of January 27, 2022), as per research firm Tracxn. Apart from Hero MotoCorp, Ather is backed by Flipkart founders Sachin Bansal and Binny Bansal, besides Tiger Global.
With the fresh Series E funding, Ather now has investment from the National Investment and Infrastructure Fund Limited (NIIFL). The National Investment and Infrastructure Fund is a government fund for infrastructure development, with 49 percent stake of the government and investors like Abu Dhabi Investment Authority, HDFC Group and ICICI Bank on board.
Hero MotoCorp has pooled in USD 56 million (~ Rs 420 crore), while NIIFL has furnished the other USD 72 million in the Series E round for Ather. Talking about the fresh funding, Tarun Mehta, Ather Energy CEO, said, "We are super excited to have NIIF come on board as an investor. We would also like to thank Hero MotoCorp, our long-term investor and strategic partner who continues to support our growth. The current round of investment will help us enhance capacities across the board, bring additional focus on new platforms, expand into new geographies, and expand our fast-charging network."
Ather Energy currently operates out of 32 cities in the country and has 38 experience centres as touchpoints. Ather aims to grow to 150 experience centres and in 100 cities by 2023. It was founded in 2013 by IIT Madras alumni Tarun Mehta and Swapnil Jain. AIts flagship products include Ather 450 Plus Ather 450X. Ather is reportedly planning to come up with two new models in this range by next year.