Electric scooter maker Ather Energy raised $50 million led by existing backer Caladium Investment where Herald Square Ventures also participated.
The new funds will be used to expand the company’s manufacturing capacity, as demand for electric vehicles has increased this year. Its second manufacturing facility, with a capacity of 400,000 units per year, is now operational. According to a source, the company has already begun discussions with various stakeholders about establishing a third manufacturing facility. In July, the company released a new version of its 450x scooter with a larger battery. After more than a dozen vehicles caught fire this summer, the government is making more stringent testing standards for EV two-wheelers mandatory.