Ather Energy has raised $35 million in its latest round of Series D round led by Sachin Bansal, who invested $23 million in the Bengaluru-based electric scooter manufacturer. Hero MotoCorp also invested $12 million in this round.
Ather Energy was founded in 2013 by IIT Madras alumni Tarun Mehta and Swapnil Jain and backed by the co-founders of Flipkart Sachin Bansal and Binny Bansal, Hero Motocorp, and Tiger Global, Ather Energy launched India’s first electric scooter Ather 450 in 2018, followed by its flagship product Ather 450X in 2020. With 38 charging points in Bengaluru and 14 charging points in Chennai, Ather Grid is one of the largest fast-charging networks for EVs in the country.
It has also installed a comprehensive public charging network — Ather Grid — built and designed in India.
Tarun Mehta, Co-founder and CEO, Ather Energy, 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.”
“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 Sachin Bansal.
With this fresh capital, Ather Energy will be accelerating its expansion plans and speed up the deliveries of its Ather 450X.