Major acceleration! Electric scooter manufacturer Ather raises $51 mn funding led by Sachin Bansal
In a big shot in its arm, electric scooter manufacturer Ather Energy has raised an investment of $51 mn in its latest round of funding, led by Sachin Bansal’s investment of $32 mn. Also, Hero MotoCorp has converted its Convertible Debt of $19 Mn as a part of this round. In addition to this, InnoVen Capital has extended an $8 Mn venture debt.
In a big shot in its arm, electric scooter manufacturer Ather Energy has raised an investment of $51 mn in its latest round of funding, led by Sachin Bansal’s investment of $32 mn. Also, Hero MotoCorp has converted its Convertible Debt of $19 Mn as a part of this round. In addition to this, InnoVen Capital has extended an $8 Mn venture debt.
Noteworthy, Ather Energy was one of the earliest start-up investments of Sachin Bansal when he invested $0.5 Mn in the firm as an Angel investor in 2014.
The company’s flagship Ather 450 opened for pre-orders in Bengaluru in June 2018 with deliveries beginning in September 2018. "The scooters have piqued the interest of automobile and tech enthusiasts alike, selling out stocks till September 2019," a company statement said.
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About the expansion plans, the electric scooter manufacturer says, "Ather is now entering an aggressive expansion phase, with the opening of pre-orders in Chennai in the coming weeks, and eventually scaling to 30 cities by the end of 2023. To meet the projected demand in the coming years, the company is planning a new manufacturing facility which will be designed to produce 1 million vehicles a year. Ather Energy will also set up 6500 Ather Grid fast charging points across the country over the next 5 years with a projected investment of Rs 130 cr."
Ather Energy was founded in 2013 by IIT Madras alumni, Tarun Mehta and Swapnil Jain. The company is backed by founders of Flipkart, Tiger Global, Hero Motocorp and others.
Commenting on the $51 mn funding, Tarun Mehta, Co-founder & CEO, Ather Energy, said, “Electric vehicles are here to stay and Ather 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 in Bengaluru, we are eager to reach out to consumers in other cities and to build more products that will excite consumers to switch to electric vehicles. The changing landscape of personal transport has also offered us more opportunities and you will hear about the new business models that we are investing in very soon.”
After his investment of $32 mn in Ather Energy, Sachin Bansal said, “The traditional auto industry is up for a redefinition. Watching Ather closely since my early investment in 2014, I am convinced that the ecosystem that Ather is building with their products is the future of urban mobility. Their focus on end to end customer experience will open up new revenue opportunities and accelerate the adoption of electric vehicles in India. The future is electric and I am excited to be a part of this journey in shaping the future.”
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