Ather Energy Raises $35 Mn Funding Led By Sachin Bansal
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Bengaluru-based Ather Energy on Saturday announced it has raised $35 million in the Series D round led by Sachin Bansal’s investment of $23 million. Hero MotorCorp also invested $12 million in the latest round.
The electric-two wheeler manufacturer said the fresh funding will be utilized to accelerate its expansion plans and speed up the deliveries of the Ather 450X.
The startup has recently announced two new products Ather 450X and Ather 450 Plus. It has continued to scale with the recent opening of nine new markets in Pune, Ahmedabad, Mumbai, Delhi, Coimbatore, Kochi, Kozhikode and Kolkata in the coming days, and the installation of Ather Grid in all the new cities.
Ather Energy, to meet its projected demand, is moving to a new manufacturing facility in Hosur, Tamil Nadu, where around 1 million vehicles will be manufactured every year.
The startup founded by IIT-Madras alumni Tarun Mehta and Swapnil Jain has also revealed its collector’s edition vehicle Series 1 with transparent panels in September. The Series 1 vehicle has been designed for early owners of the vehicle with only a limited group eligible to purchase it.
Commenting on the recent development, Mehta, co-founder and chief executive officer, Ather Energy, said, “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. Post the successful launch of our new product line, we are now looking forward to delivering the vehicles and seeing them across all cities. The pandemic has changed the landscape of personal transport and we hope that with high performance alternatives available people will choose electric vehicles for their daily commute.”
Bansal, who was the co-founder of Flipkart, has been investing in Ather Energy since 2014. His first investment was $0.5 million in the two-wheeler manufacturer. With the latest round, he has till date made an investment of $53 million in the startup.
“Ather Energy has set a new benchmark for intelligent electric bikes in the Indian automobile industry. Their 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,” said Bansal.