The funds raised will also be used by the company to expand its manufacturing capacity.
In order to expand to new markets, Tiger Global and Hero Motocorp backed Ather Energy is planning to raise Rs 200-300 crore over the next year. The funds raised will also be used by the company to expand its manufacturing capacity.
In June 2018, Ather Energy had introduced two scooters, Ather 450 and Ather 340. The company had started deliveries of Ather 450 in Bengaluru in September 2018.
Tarun Mehta, Chief Executive Officer of Ather Energy, said, "We are looking at around 5-6 months to deliver our first production lot that will about around 2,000 vehicles."
"We are looking at scaling up our production from 50 units a week by July to about 250 vehicles a week by early next year. Eventually, we want to get to about 100,000 vehicles in the next three years," he added.
Ather Energy is also developing a new range of electric scooters, which is set to hit the markets by 2020-2021.