Ather Energy, an electric scooter manufacturer, announced it has raised $35 million in Series D funding round led by Sachin Bansal. The round also saw participation of Hero MotoCorp, who invested $12 million as a part of the Series D funding round. Till now, Sachin Bansal has invested $53 million in the startup.
Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather Energy claims it has built India’s first intelligent electric scooter. The company has established an electric vehicle charging network called AtherGrid.
Commenting on the funding, Tarun Mehta, Co-founder & CEO, 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. Post the successful launch of our new product line, we are now looking forward to delivering the vehicles and seeing them across all cities. 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.”
Speaking on the startup, Sachin Bansal, said, “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. Having been a part of the team since 2014, it’s great to see their vision taking shape.”
Recently, Ather Energy launched its new line of products – Ather 450X and Ather 450 Plus. The company is expanding its reach to 9 new markets – Pune, Ahmedabad, Mumbai, Delhi, Coimbatore, Kochi, Kozhikode & Kolkata in the coming days, and will install Ather Grid in all the new cities.
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