ELP acts on Ather Energy US$ 128 million fundraise from NIIF, Hero Motocorp among others

The Strategic Opportunities Fund, acting through its investment manager National Investment and Infrastructure Fund Limited (NIIFL), along with Hero Motocorp and certain other investors, invested in Ather Energy Private Limited, as part of the Series E fundraise amounting to USD 128 Million.

Economic Laws Practice advised NIIF on the deal.

The team was led by Aakanksha Joshi (Partner), with the assistance of Megha Agarwal (Associate Partner), Vinit Shah (Senior Associate), Shenaya Ardeshir (Associate), Farhan Ali (Associate) and Pranaav Gupta (Associate).

Strategic Opportunities Fund, acted through its investment Manager National Investment and Infrastructure Fund Limited (NIIF), along with certain other existing investors in the company, including angel founders, also supported the round through minor investments.

Post the fundraise, Hero MotoCorp will own 35% stake in Ather Energy on a fully diluted basis. The investment will be used to scale up production capacity at its second manufacturing plant, and have a production capacity of 35,000 units a month

Ather Energy is India’s foremost electric two-wheeler brand, founded in 2013 by IIT Madras alumni, Tarun Mehta, and Swapnil Jain.

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