Ather Energy, an EV startups with a specialisation in two wheelers, and has been backed by Hero MotoCorp (one of India’s biggest automobile manufacturers), has raised $35 million in a Series D funding round. The executive chairman of Flipkart Sachin Bansal led the round, pouring in $23 million of his own. Hero also participated, and made an investment of $12 million in the startup.
With this investment, Sachin Bansal has put in $53 million of his own capital in the startup so far. He was one of the first investors in the company, and invested $0.5 million in the firm in 2014. Back in May 2019, the company raised $51 million in a funding round led by Sachin Bansal, who infused $32 million of his own.
“Ather Energy’s 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,” said Bansal on the fresh round of his investment in the company.
Hero MotoCorp is no stranger to Ather Energy either, and made a similar $12 million investment in the startup back in July this year.
With this investment, the startup aims to accelerate its expansion plans and speed up the deliveries of its electric scooter, the Ather 450X, which was launched in January this year.
“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,” said Tarun Mehta, Co-founder & CEO, Ather Energy.
The company currently has two models on the road. Ather 450 and 450X are fully electric scooters that embrace top speeds of 80kmph. While the former can get from 0 to 40kmph in 3.9 seconds, the latter can do it in 3.3, and also boasts a range of about 85 kms, 10 kms higher than the Ather 450.
Mehta said, “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.”
Thus, the company is shifting to a new manufacturing facility in Hosur, Tamil Nadu, which will produce up to 1 million vehicles a year, as it expects to face huge demands.