Sunday, December 22

Electric Scooter Startup Ather Energy Raises $51 million funding

Bengaluru based electric scooter startup Ather Energy has raised $51 million funding, led by Flipkart co-founder Sachin Bansal & others.

Sachin Bansal invested $32 million, Hero MotoCorp converted its Convertible Debt of $19 million as a part of this round.

“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,” Tarun Mehta, Co-founder, and CEO, Ather Energy said.

Ather Energy will use this funding for expansion and to set-up manufacturing units.

As per the latest report Ather Energy is opening pre-orders in Chennai in the coming weeks, and eventually scaling to 30 cities by the end of 2023.

Also, the company is planning a new manufacturing facility which will be designed to produce 1 million vehicles a year to meet the projected demand in the coming years.

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 crore.

“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,” Sachin Bansal said in a statement.

Ather Energy installed Ather Grid (company’s public fast charging station) at 31 locations in Bengaluru and in 7 locations of Chennai. 

Ather 450 scooters pre-orders were started in June 2018 in Bengaluru with deliveries beginning in September 2018. The company received a huge response in return and deliveries till Sept 2019 has already been booked.

Ather Energy’s premium segment scooter comes under $2000, which is less than their international competitors.