According to RoC records, Ather Energy, an electric vehicle startup located in Bengaluru, has secured Rs 400.6 CR from the Caladium Investment and the Herald Square Ventures.

A special resolution was issued for 51,359 Series E1 CCPS at the subscription price of Rs 78,008 was approved at the company’s general meeting on Friday in order to raise the necessary funds.

According to the ROC filing, Caladium had invested 400 crore rupees in Ather, whereas Herald had invested only 64 lakhs.

“Ather” has raised funds second time in the year of 2022. The business secured $128 million in a Series E round in May of this year, with the help of investors that included Hero MotoCorp, National Investment and Infrastructure Fund Ltd.

Ather launched a new generation model of its electric bike 450X with the price of Rs. 155657 (ex-showroom, Bangalore), in the July of this year. They also announced last week, that they have installed its 580th public fast charging point – the Ather Grid—across 56 cities of India. By the end of FY23, they will install 840 more points and reach a total of 1,400 of such stations and the business widens its geographic reach nationwide.

On the manufacturing front, Ather is aiming to build a second manufacturing facility nearby in order to increase its plant in Hosur’s capacity from 1.20 lakh vehicles annually to 4 lakh vehicles.

The EV manufacturer reported revenue of Rs 408.5 crore for FY21–22, up 411.9 percent from Rs 79.8 crore reported in the prior year. However, due to the high cost of EV parts and raw materials, as well as employee benefit costs, among other things, its loss increased to Rs 344.1 crore from Rs 233.3 crore in FY21.

The corporation registered 6,266 vehicles in September of this year, and 3,520 vehicles through the end of October, according to the Vahaan site.

The Company:

2013 had seen the establishment of Ather Energy by Tarun Mehta and Swapnil Jain. They got 4.5 million (US$56,000) in funding at the beginning of 2014 from the Technology Development Board of the Department of Science and Technology, IIT Madras, and Aerospike creator and IIT alumni Srini V Srinivasan. The $1 million initial investment was made by Sachin Bansal and Binny Bansal, the founders of Flipkart, in December 2014. Tiger Global gave them $12 million in May 2015 for investments in the vehicle’s research, testing, manufacture, and launch.

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Aditt Rupanii