Electric vehicle startup, Ather Energy, raises $35 mn in new funding

admin / November 11, 2020 / India, NewCrop, Startups

Bengaluru-based electric vehicle startup, Ather Energy, raises new Series D investment round worth $35 million. 

Since the startup’s founding in 2013, Ather Energy has focused on developing and launching electric two-wheelers. The startup was founded by Arun Vinayak, Swapnil Jain and Tarun Mehta. 

“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,” Mehta said, as reported by Livemint. 

The company’s two-wheeler models include the Ather 450X and the Ather 450 Plus. The startup plans to move its manufacturing facility to Hosur. 

The new investment round was led by Sachin Bansal and saw participation from Hero Motocorp. 

“Ather Energy’s new product line and expansion plans across the country will make EVs a part of the Indian landscape,” Bansal said. “Having been a part of the team since 2014, it’s great to see their vision taking shape.”

Bansal, who co-founded Flipkart, has invested a total of $53 million into Ather Energy since the startup’s founding. 

“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 said, Livemint reported. 

The new investment round will be put toward increasing delivery efficiency of the startups vehicles and company expansion plans, among other areas. 

The company is also expanding its geographical presence to nine additional cities, including Kolkata, Mumbai, Delhi, Pune, Ahmedabad, Coimbatore and Kozhikode. 

(Picture courtesy: Electrek)

 

 

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