Startup

Ather Energy raises $51 million in funding round led by Sachin Bansal

Updated : May 28, 2019 06:53 PM IST

Ather also announced that the company is planning a new manufacturing facility which will be designed to produce 1 million vehicles a year.

Ather has also kicked off pre-orders in Chennai and has plans to scale to 30 cities by the end of 2023.

Bansal was an early investor in the startup founded by IIT Madras alumni Mehta and Swapnil Jain, investing as an angel investor in 2014.

Electric scooter maker Ather Energy has raised $51 million in a fresh funding round, which saw Flipkart co-founder Sachin Bansal invest $32 million in the company. Existing investor Hero MotoCorp converted its convertible debt of $19 million as a part of this round, increasing its stake in Ather Energy to 35.1 percent from 32.31 percent.

Hero MotoCorp had announced an investment of Rs 130 crore in Ather in July 2018. The electric scooter company also raised some debt funding from InnoVen Capital, which extended $8 million.

Ather also announced that the company is planning a new manufacturing facility which will be designed to produce 1 million vehicles a year.

The company's flagship vehicle Ather 450 opened for pre-orders in Bengaluru in June 2018. Ather has also kicked off pre-orders in Chennai and has plans to scale to 30 cities by the end of 2023.

"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," Tarun Mehta, CEO, Ather Energy, said in a statement.

“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.

Bansal was an early investor in the startup founded by IIT Madras alumni Mehta and Swapnil Jain, investing as an angel investor in 2014.

“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," Bansal said in a statement.

"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.”