According to regulatory records obtained through business intelligence platform Tofler, electric scooter manufacturer Ather Energy has secured $50 million, with current backer Caladium Investment serving as the lead investor.
The newest fundraising round included participation from Herald Square Ventures as well.
After the round, insiders with knowledge of the situation estimated the company’s valuation to be between $700 and $800 million.
A source claims that the most recent round is an expansion of its $128 million fundraising in May, which was spearheaded by Hero MotoCorp and India’s National Investment and Infrastructure Fund (NIIF), a sovereign wealth fund.
The firm will increase its manufacturing capacity with the new funds in light of the year’s increased demand for electric automobiles. It is prepared to begin production at its second manufacturing plant, which has the potential to produce 400,000 units annually.
