The company has so far raised about $100 million (714 crore) through equity with Hero MotoCorp being its largest investor with a 31% stake. It has also raised an additional $20 million through debt.
“(As a startup) you stop raising money when you become profitable and it’s going to be some time before that happens,” said Tarun Mehta, co-founder and chief executive of Ather Energy. “I think we’ll go out and raise money once the 450X is out on the road (in July). Till then we’ll wait.”
Mehta aims for Ather to be EBIT-positive (earnings before interest and tax) in the next couple of years. The company recently announced its updated product 450X, which will be up for sale from July this year and have a substantial price increase over the outgoing model.