Ather Energy, one of India’s first intelligent electric scooter manufacturers, has raised an investment of USD 35 Million in its latest round of Series D led by Sachin Bansal’s investment of USD 23 Million. Ather Energy was one of the earliest start-up investments of Sachin Bansal when he invested USD 0.5 Million in the firm as an Angel investor in 2014 and with this round, has made a total investment of USD 53 Million.
Hero MotoCorp has also invested USD 12 Million as a part of the Series D round in Ather Energy. The continued investment by the existing investors is a manifestation of confidence in the brand and the sector.
Ather Energy’s new line of products Ather 450X and Ather 450 Plus has been making news across the country. Ather Energy has been aggressively expanding, with the opening of 9 new markets – Pune, Ahmedabad, Mumbai, Delhi, Coimbatore, Kochi, Kozhikode & Kolkata in the coming days, and the installation of Ather Grid in all the new cities. To meet the projected demand in the coming years, Ather Energy is moving to a new manufacturing facility in Hosur, Tamil Nadu, which will be designed to produce up to 1 million vehicles a year. This round of investment will allow Ather Energy to accelerate its expansion plans and speed up the deliveries of the Ather 450X.
Ather Energy also unveiled their collector’s edition vehicle Series 1, the only two wheeler with transparent panels in India, in September. The Series 1 vehicle has been designed for early owners of the vehicle with only a limited group eligible to purchase it. In the past 6 months, Ather Energy has added multiple new financing plans – a one of its kind Assured Buyback option for the Ather 450X & Ather 450 Plus, new lease and loan programs and a two wheeler exchange plan. Ather Energy will begin deliveries of their smart electric scooters across India this Diwali.
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.
Sachin Bansal, one of the early backers of Ather Energy, 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.
About Ather
Ather Energy, one of India’s first intelligent electric vehicle manufacturers, was founded in 2013 by IIT Madras alumni, Tarun Mehta and Swapnil Jain. Backed by founders of Flipkart, Sachin Bansal & Binny Bansal, Hero Motocorp and Tiger Global, Ather Energy launched India’s first truly intelligent electric scooter – Ather 450 in 2018, followed by their new flagship offering Ather 450X in 2020. Ather has also installed a comprehensive public charging network, Ather Grid, built and designed in India.
Ather has added multiple ownership and purchase options for consumers, making it easier and more affordable to shift to EVs, including petrol exchange, private leasing, monthly subscription and model upgrades. For more information, visit Ather Energy.