- Bangalore-based electric two-wheeler manufacturer Ather Energy raises $35 million in its latest Series D funding round led by Sachin Bansal.
- While Hero MotoCorp invested $12 million, making its third investment in the startup.
Hero MotoCorp backed Bangalore-based EV startup Ather Energy raises $35 million (or about Rs 170 crore) in its latest Series D funding round led by Flipkart’s Co-founder Sachin Bansal. Hero MotoCorp has also invested $12 million in the funding round.
With this funding round, Sachin Bansal has made over $53 million investment in Ather Energy. While Hero MotoCorp has made over $50 million investment in the startup. The most recent was on July 24 this year.
The latest investment will allow Ather Energy to accelerate its expansion plans and speed up the deliveries of its electric scooter, Ather 450X, the startup said.
Founded in 2013, The startup first raised $1 million in Seed funding led by Flipkart founders Sachin Bansal and Binny Bansal.
Following, In May 2015, Ather Energy had raised $12 million in its Series A funding round from US-based Tiger Global Management.
So far, The startup has raised $137.2 million in a total of six funding rounds led by marquee investors, including Tiger Global Management and Hero MotoCorp Ltd.
“We are grateful to our existing investors for their incredible belief in the vision & super proud of the team for what we are building,” said Tarun Mehta (Co-founder & CEO of Ather Energy).
“Sachin has been part of our growth journey and this investment is a strong endorsement of the momentum we’ve built over these years,” he added.
“Ather Energy’s new product line and expansion plans across the country will make EVs a part of the Indian landscape,” said Sachin Bansal (Executive Chairman of Flipkart).
Ather’s powerful electric scooters helping the startup to expand in the new market,s including Pune, Ahmedabad, Mumbai, Delhi, Coimbatore, Kochi, Kozhikode, and Kolkata in the coming days, and the installation of Ather Grid in all the new cities said the company.
About Ather Energy – Ather Energy Pvt. Ltd. is a Bangalore-based electric two-wheeler maker startup founded in 2013 by two IITians Swapnil Jain and Tarun Mehta. The startup is known for its powerful electric scooters such as Ather 450X and Ather 450Plus, built India’s first intelligent electric scooter.
The startup also established its smart electric vehicle charging station in various cities called Ather Grid.
According to the reports, Ather Energy has generated Rs 48.8 crore revenue from its sales in FY-20, saw a 4x growth compared to the previous financial year.
the story was first reported by PTI