Ather Energy, an electric vehicle venture which is known for its Ather 450 model. It was recently in news for its buyback program for its model Ather 450 plus. In the Series D round of Electric Vehicle Startup, startup Ather Energy has accumulated $35 million.
Sachin Bansal, co-founder of Flipkart has always been one of the key investors for this startup. Bansal invested $23 million in the funding round. Bansal has been fascinated with the startup’s vision since 2014, when he invested $1 million as the initial investment in late 2014. After funding $23 million this time, Bansal’s overall capital ventured upto USD 53 million.
Hero MotoCorp, the two-wheeler manufacturer industry, financed the other $12 million in the funding round of Series D to the startup. Hero MotoCorp has been another major venture capitalist for the startup Ather Energy. It took a venture of USD $29 million in late 2016, and successfully gained almost 32.31 % stake in the startup.
The journey has been interesting so far for the EV startup with challenges and vast opportunities. Tarun Mehta, Co-founder of 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.”
The startup is known for its charging network established all over Bangalore and Chennai. The Series D funding will be a clear way for expanding its reach vigorously to few cities including Kolkata, Ahmedabad, Kochi, Pune, Coimbatore, Mumbai, Kozhikode, and Delhi.
The startup is looking forward to the new set up of its charging stations and deliveries of its vehicles across all cities. Ather Energy production was surely affected by the pandemic, but on the positive note the high geared model in the 2 wheeler industry will surely be appreciated by the customers. Tarun Mehta has high expectation for a drastic change in the commutation and hopes that e-scooter is the new choice of the market.
The startup has already aligned with the state government as well. In late 2019, Ather Energy with the Government of Tamil Nadu signed an MoU to establish a 400,000 sq. ft. production plant in Hosur. The amount to be funded is approximately USD $89 million.
The startup also operates and holds its own Ather Space, its Experience Center with the aim to sustain its customer’s trust. At present it owns two centers, one at Indiranagar in Bangalore, and another at Nungambakkam in Chennai.
Sachine Bansal actually believed in the startup for its vision and had strategically ventured it as the seed capital in 2014. Bansal expressed, “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.”
Along with the electric scooter maker has also revealed its edition of vehicle Series 1 in September, 2020. It is the one-off two wheeler EV model with crystal clear panels in India. This edition of the startup has been exclusively intended for the primal owners of the vehicle. It has a confined group who are actually qualified to procure the vehicle.
Ather Energy, started by Tarun Mehta and Swapnil Jain has a vision to make green electrifying scooters. The E-scooter startup Ather Energy was established in 2013 by alumni of IIT Madras . The EV startup has always been in the limelight via its innovative approach, and a step for clean energy.
In early 2014, Ather Energy received a sum of ₹4.5 million from IIT Madras and Aerospike.It is well-known for its latest flagship model Ather 450X with powerful features including Bluetooth connectivity, 4G sim card, Wifi with new 7” touchscreen dashboard is all set to dazzle its audience. The startup is best known for its e-scooter and the charging stations commenced in Chennai and Bangalore.