Ather Energy startup co-founder and CEO Tarun Mehta says India’s top electric scooter maker by revenue is expected to increase annual production to 1 million (1 million) scooters over the next three years, news agency Reuters reports. Raising funds to raise
Mehta has said in an interview that Ather Energy has raised around Rs 1,200 crore since its inception in 2013 and is in the process of raising more. Let us inform that this Indian startup has been invested by Tiger Global and Indian bike maker Hero Motocorp. Mehta further explains that the company’s plan was not to raise more capital, but the rapid movement of people to electric vehicles and the pace at which it needs to ramp up supply chain and capabilities is faster than it was a year ago. “
Mehta says that the company is planning to increase its electric scooter from 5,000 units per month to 20,000 units per month. The growing demand for the Ather 450 electric scooter in smaller cities has been said to be behind this. The report further states that the company aims to invest in businesses that help increase the use of clean energy.
Mehta said that over the next three years, Ather plans to increase its annual production capacity from 400,000 to 1 million scooters, install 5,000 fast chargers across India, develop new products and expand its network to 600 stores.
While Mehta refrained from giving the agency the exact details of the funds to be raised by the company, the report states that a source with knowledge of the planning has informed that Ather Energy will raise around $133 million (approximately Rs 1,000 crore). of which the company has already raised $56 million (about Rs 420 crore) from Hero MotoCorp.<!–
–>
,