Ather Energy set to launch a 'family e-scooter' by next year
The Bengaluru-based company is also preparing to release a performance-focused upgrade to its popular 450 series electric scooter in early next year.
Electric two-wheeler manufacturer plans to launch a spacious electric scooter meant for the family by 2024.
"These scooters are designed for comfort and ample size, offering a convenient and spacious option for the entire family. This move is in response to popular demand for a larger scooter," announced Ather CEO Tarun Mehta on X.
The Bengaluru-based company is also planning to release a performance-focused upgrade to its popular 450 series electric scooter early next year.
"This new iteration is set to be the absolute pinnacle of refined performance. It will have best-in-class features that will redefine your riding experience," Mehta posted on X.
The EV manufacturing company, which was founded in 2013 by Tarun Mehta and Swapnil Jain, manufactures three electric scooters: Ather 450X, Ather 450 Plus, and Ather 450S.
Ather has installed a public charging network, Ather Grid, with more than 1,300 charging points across 100 cities in the country. In July, Ather Energy entered into a partnership with Bharat Petroleum Corporation Limited to expand its charging network.
The company sold 8,062 units in August this year, an increase of 25.77% from 6,410 units sold in August 2022. It sold 7,858 units in July this year.
The company recorded sales of Rs 1,806 crore in FY23, up from almost Rs 414 crore in FY22 and nearly Rs 80 crore in FY21.
In October last year, Ather secured $50 million in an equity funding round led by Caladium Investment Pte Ltd. Ather was valued at $700 million during its last fundraise and was seeking to raise another round to achieve unicorn status.
In September this year, Hero MotoCorp invested Rs 1,000 crore in Ather Energy through Series E2 compulsory convertible preference shares.
Edited by Swetha Kannan