Electric vehicle maker Ather Energy has raised Rs 900 crore from existing shareholders Hero MotoCorp and GIC through a rights issue. Ather plans to use the funds for new product launches and the expansion of its charging infrastructure and retail network.

The company said it witnessed sharp growth in FY23, with its revenue jumping 4.4X to Rs 1,783 crore from Rs 408 crore in FY22. Tarun Mehta, CEO and co-founder of Ather Energy,said, There was strong support for the rights issue, and we are happy to see the confidence exhibited by shareholders.”

“This year we have our largest outlay on research and development yet, planned for 2023–24.” This round will allow us to expand our product portfolio while expanding our footprint,” he added.

Watch: 2023 Ather 450 Series Review | First Ride | Auto Focus

Additionally, it also expanded its retail footprint by 4X, to 130 stores from 30 stores last year. Ather Energy has over 200 retail touchpoints in more than 100 cities, and a public fast-charging network for electric two-wheelers with over 1,500 Ather Grids.

Also read: ‘Ather-real’

In the recent past, the EV player has also expanded its product portfolio with 2.9 kWh and 3.7 kWh battery options in the flagship 450X and an entry-level product, the 450S, to address a bigger segment of the two-wheeler market.