The World Bank Group’s International Finance Corporation (IFC) suggests investing up to $25 million in equity in Ather Energy Private Limited, India’s top producer of electric two-wheelers.
The investment will assist in expanding the company’s production and distribution network and improve access to reasonably priced and high-quality electric two-wheelers, particularly in Tier II and Tier III cities across the nation.
As the first Indian EV manufacturer to create a vehicle from the ground up, Ather has strong control over every aspect of its value chain, from R&D and design to manufacturing and services. Ather sold 59K vehicles between January and December 2022, representing a 224% year-over-year growth.
In May 2022, Ather Energy $128 million in a Series E funding round that was co-led by Hero MotoCorp and the Strategic Opportunities Fund of India of the National Investment and Infrastructure Fund.
In order to facilitate the switch to EVs, Ather Energy, a manufacturer of the company recently announced that it would set up more than 2,500 charging stations before the end of this year. Ather Energy has set up more than 1,000 charging stations in 80 cities across the nation.
