Ather Energy, a manufacturer of electric scooters, raised $50 million in funding, with participation from Herald Square Ventures and existing backer Caladium Investment.
The company will use the additional money to increase its manufacturing capacity in light of the rise in demand for electric vehicles this year. With a 400,000 unit annual capacity, its second manufacturing plant is currently in use. A source claims that the business has already started talking to different stakeholders about creating a third production plant. The business unveiled a new 450x scooter in July that has a bigger battery. The government is demanding stricter testing requirements for EV two-wheelers after more than a dozen vehicles caught fire this summer.
