Ather Energy, a prominent startup dealing in electric vehicles, especially scooters, has recently secured a $35M investment in its Series D round. This significant investment is led by Flipkart co-founder Sachin Bansal with a $23M investment, while motorcycle giant Hero MotoCorp invested the remaining $12M.
Bansal has been a backer of the company since 2014 when he chipped in half a million dollars as an angel investor. This was one of his first startup investments, and he has appeared to have doubled down on this decision since then. His total investments in the startup stand at $53M and continue to back the organization.
“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”, said Mr Bansal.
From The Firm
Tarun Mehta, Co-founder and CEO of Ather Energy, quoted, “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.”
With the popular 450X and 450 plus models added to their catalogue, the company aims to widen its horizons into major cities across India. The release revealed the inception of nine new markets and the subsequent installation of Ather grids, all in cities with a high prospect for sales. Delhi, Ahmedabad, Kolkata, Mumbai, Pune, Coimbatore, Kozhikode and Kochi are expected to boost their sales considerably.
The company has also taken steps to cope with the projected rise in demand over the next few years. Their manufacturing facility was moved to a new location in Hosur, Tamil Nadu. This facility is said to have a production capacity of up to 1 million units a year.
The new investments will help the brand to speed up its expansion plans, which were affected by the ongoing pandemic like all other companies. The Bengaluru-based startup has since revamped its working timeline and aims to complete the deliveries of its products quickly. The company has taken considerable steps to capitalize on the disruption of the automobile industry.