India’s National Investment and Infrastructure Fund Invests in Ather Energy
Posted on 05/12/2022
Ather Energy is an Indian electric vehicle company, headquartered in Bangalore. It was founded by Tarun Mehta and Swapnil Jain in 2013. It manufactures two electric scooters – the Ather 450X and the Ather 450 Plus. Ather Energy raised US$ 128 million funding, led by India’s sovereign wealth fund National Investment and Infrastructure Fund Limited’s (NIIFL) Strategic Opportunities Fund (SOF), and Hero MotoCorp among others. Hero MotoCorp disclosed an investment of Rs 420 crore (around US$ 54 million) in Ather Energy in January 2022.
Tiger Global Management and Flipkart Co-Founder Sachin Bansal are investors in Ather Energy. Hero MotoCorp is the largest investor in Ather with a stake of roughly 35% ownership, having first invested in 2016.
“Aligned to India’s green transition mission, the electric two-wheeler industry is expected to grow significantly in the coming years. Ather Energy has indigenously designed and developed products with a high degree of domestic sourcing of components and adaptability to Indian conditions” said Padmanabh Sinha, Executive Director & Chief Investment Officer – NIIFL in a release.