Ather Energy, a Bengaluru-based, Hero MotoCorp-backed electric two-wheeler start-up has raised US$ 35 million in a Series D funding round led by Flipkart co-founder Sachin Bansal, held in November 2020. Sachin Bansal has invested US$ 23 million in the company, which brings the total investment in the EV start-up to US$ 53 million. He had also chipped in as an angel investor in the company in 2014, with an amount of US$ 0.5 million. Hero MotoCorp has also invested $12 million in this round.
With this new investment, Ather Energy will be accelerating its expansion plans and quicken the deliveries of the Ather 450X. The company stated that the continued investment by existing investors is due to their confidence in the brand and the sector’s promise.
With Ather 450X and Ather 450 Plus e-scooter models in its product portfolio, the company has been quickly expanding to new markets. It has plans to open in nine new markets – Pune, Ahmedabad, Mumbai, Delhi, Coimbatore, Kochi, Kozhikode and Kolkata in the coming days, and plans to install the Ather Grid in all the new cities.
To meet the projected demand in the coming years, the startup is moving to a new manufacturing facility in Hosur, Tamil Nadu. This plant will be designed to produce up to 1 million vehicles a year.
What Sachin Bansal has to say
According to Bansal, “Ather Energy’s new product line and expansion plans across the country will make EVs a part of the Indian landscape. Having been a part of the team since 2014, it’s great to see their vision taking shape.”
What the founder has to say
“Electric vehicles are here to stay and Ather Energy is playing a leading role in driving this change. Sachin has been part of our growth journey and this investment is a strong endorsement of the momentum we’ve built over these years,” said Tarun Mehta, Co-founder & CEO, Ather Energy.
About AtherEnergy
Founded in 2013 by IIT Madras alumni Tarun Mehta and Swapnil Jain, the startup is backed by the co-founders of Flipkart Sachin Bansal and Binny Bansal, Hero Motocorp, and Tiger Global. The company launched India’s first electric scooter Ather 450 in 2018, followed by its flagship product Ather 450X in 2020.
It has also installed a strong public charging network, Ather Grid, which was built and designed in India. Currently, there are 38 charging points in Bengaluru and 14 charging points in Chennai. This Grid is one of the largest fast-charging networks for EVs in the country.
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