World Bank Group member, International Finance Corporation (IFC) has offered an equity investment of up to $25 million in Ather Energy Private Limited, India’s leading electric two-wheeler manufacturer.
The investment will help in scaling the production and distribution network of the company as well as enhance access to affordable and good-quality electric two-wheelers, especially in Tier-II and Tier-III cities of the country.
Ather is the first Indian EV manufacturer to design its vehicle from scratch and has strong control over its value chain, ranging from R&D and design to manufacturing and services.
Between January to December 2022, Ather sold ~59K vehicles, registering a 224% growth yoy.
Ather Energy in May 2022 raised $128 million in the Series E funding round led by Hero MotoCorp and the National Investment and Infrastructure Fund’s Strategic Opportunities Fund of India.
Recently, Ather Energy, a maker of electric two-wheelers, announced that it will install more than 2,500 electric vehicle charging stations before the end of this year to make it easier to transition to EVs.
Over 1,000 charging stations have been installed in 80 cities across the country by Ather Energy.
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