Soumyajit Saha
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Ather Energy has raised USD 71 million from the National Investment and Infrastructure Fund, boosting its valuation to USD 1.3 billion. This funding makes Ather India's fourth unicorn of 2023, with plans to expand its market share and manufacturing setup amidst growing competition in the electric vehicle market.
Ather Energy has secured USD 71 million in funding from the National Investment and Infrastructure Fund. This investment increases Ather's valuation to USD 1.3 billion, making it India's fourth unicorn of 2023. The company plans to use this funding to expand its market share and manufacturing setup. Ather faces competition from rivals like Ola Electric, which is also investing in new products and manufacturing. Ola Electric is developing advanced battery cells and plans to launch an electric autorickshaw. The Indian electric vehicle market is experiencing rapid growth, with sales of passenger EVs increasing 91% and commercial EVs tripling year-over-year.
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