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Electric Vehicle Startup Ather Energy Raises $35 Million In Funding

Ather Energy is a Banglore-based manufacturer of electric two-wheelers. Recently it has raised $23 million in its current Series D funding rounds led by the none other than the former CEO and Chairperson of Flipkart, Mr Sachin Bansal.

Hero MotoCorp made its third investment in this startup. The recent investment holds a value of $12 million. Ather Energy raised a total of around $23 million (or about Rs 170 crore) in its latest funding round.

Taking into account this funding round, Mr Sachin Bansal has made over $53 million investment in the Electric Vehicle. Whereas Hero MotoCorp has already invested over $50 million in Ather Energy. The last one was made on July 24 this year.

Ather Energy plans to use the latest investments in accelerating its expansion plans and also decrease the time needed to deliver its electric scooter.

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The startup started with an initial seed funding of $1 million led by Sachin Bansal and Binny Bansal, the founders of Flipkart. The year was 2013. Later in May 2015, it had raised funding from US-based Tiger Global Management. The amount is said to be around $12 million and it was the companies Series A funding.

By far Ather has raised $137.2 million in six funding rounds led by major investments from a number of major firms.

“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).

Pune, Ahmedabad, Mumbai, Delhi, Coimbatore, Kochi, Kozhikode, and Kolkata are the locations where Ather is currently active and wishes to spread Ather Pan India.

Ather Energy Pvt. Ltd. is a Bangalore-based electric two-wheeler maker startup initiated in 2013 by two IITians named Swapnil Jain and Tarun Mehta. The startup is known for its great electric scooters.

Ather 450X and Ather 450Plus are the names of the scooters. Both are great examples of the Made in India movement as they are the countries first intelligent electric scooter.

The startup has also established its smart electric vehicle charging station in various cities which work as a recharge station and they are named Ather Grid.