Ather Energy, based near Bengaluru, has raised $128 million in a new investment round led by sovereign wealth fund National Infrastructure Investment Fund (NIIF) and current backer Hero MotoCorp.
In this round, Hero MotoCorp has put in $56 million (approximately Rs. 420 crore), with the remainder of the money coming from NIIF. Other previous investors in the company, including angel founders, contributed small sums to the round.
Hero MotoCorp announced a Rs 420 crore ($54 million) investment in Ather in January.
After this round of funding, Hero MotoCorp will possess a fully diluted 35 percent share in Ather Energy.
The funds will be used to develop Ather Energy’s manufacturing facilities, invest in technology, and grow its retail network, according to Tarun Mehta, CEO and co-founder.