Ather Energy raises Rs 400.6 Cr funding led by Caladium Investment

Ather Energy raises Rs 400.6 Cr funding led by Caladium Investment

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Bengaluru-based EV Startup Ather Power has raised Rs 400.6 crore from Caladium Funding and Herald Sq. Ventures as per RoC filings.

On Friday, the corporate held a common assembly to go a particular decision to challenge 51,359 Collection E1 CCPS at a subscription worth of Rs 78,008 to boost the funding.

As per the RoC filings, Caladium invested Rs 400 crore within the Ather, whereas Herald invested Rs 64 lakh.

That is the second funding raised by Ather in 2022. In Might this 12 months, the startup raised $128 million in Collection E spherical of funding led by Nationwide Funding and Infrastructure Fund Restricted (NIIFL), present investor Hero MotoCorp, and others.

In July this 12 months, Ather launched a new-generation mannequin of its electrical scooter 450X, priced at Rs 1,55,657 (ex-showroom, Bangalore). Final week, it additionally introduced that it has put in its 580th public quick charging level—the Ather Grid—throughout 56 cities in India. As the corporate expands its footprint nationally, Ather Power plans to put in 820 extra such factors, taking the rely to 1,400 by the top of FY23. 

On the manufacturing aspect, Ather is working in the direction of growing its manufacturing capability at its Hosur manufacturing facility from 1.20 lakh automobiles to 4 lakh automobiles every year by establishing one other manufacturing facility within the neighborhood. 

The EV maker posted Rs 408.5 crore in income for FY21-22, up 411.9 p.c in comparison with Rs 79.8 crore reported within the earlier 12 months whereas its loss widened to Rs 344.1 crore from Rs 233.3 crore in FY21 because of the excessive value of EV components and uncooked supplies, and worker profit bills, amongst others.

Based on Vahaan portal, the corporate registered 6,266 automobiles in September this 12 months and three,520 automobiles for October till now.

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