Electric two-wheeler maker Ather Energy has raised $50 million in equity financing led by its existing investor Caladium Investment Pte Ltd. Industry officials said the funding would expand the company’s manufacturing capabilities and develop the technology.

According to the company’s filing with the Registrar of Companies (RoC), GIC Investment’s Caladium has invested Rs 400 crore in Ather Energy, while Herald has invested Rs 64 lakh in Ather Energy.

In May 2022, Ather raised around $128 million, led by the Indian government’s sovereign wealth fund, the National Investment and Infrastructure Fund (NIIF), and existing investor Hero MotoCorp. So far, the company has raised more than $300 million in equity financing.

Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather produces two electric scooters – the Ather 450X and the Ather 450 Plus. It has also established an electric vehicle charging infrastructure called Ather Grid across the country. Industry officials also said the company is considering an initial public offering next year. According to the Federation of Automobile Dealers Associations, Ather Energy sold 1,192 vehicles in July and 5,261 in August. In September, the company sold about 6,150 units.

Ather Energy is on track to double its sales next year, and its second plant in Hosur, Tamil Nadu, will start production next month. With the commissioning of its new Rs 650 crore factory, the electric car maker expects its annual production capacity of two-wheelers to reach 4 lakh units when fully operational.