Ather Energy is a two-wheeler company that has raised $128 million in its new funding round led by the sovereign wealth fund National Infrastructure Investment Fund (NIIF) and existing investors of Hero MotoCorp.

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Hero MotoCorp has invested $56 million or roughly Rs 420 crore in this round, with the rest of the investment primarily coming from NIIF. All investors in existence in the company, including angel founders, also supported the round through minor investments.

Also, the investment has taken an essential step for NIIF, the infrastructure-focused fund’s first foray into investing in the new-age manufacturing sector in India.

After this funding round, the Valuation of Ather Energy is still shy of $1 billion.

“The EV industry has changed dramatically over the last two years, and we need to invest to fuel growth a little ahead of time now. We will need to raise more capital, and I see a capital raise once again in the next two years.

As per the statement of Tarun Mehta, co-founder & CEO of Ather Energy, “Given our pace of growth, we want to stay ahead of the curve and will need to raise more money.”