Business

Ather Energy Raises $51 Mn Led By Sachin Bansal

Ather Energy, a Bengaluru based electric scooter manufacturer closed an investment of $51 million in its latest funding led by Sachin Bansal, Co-founder of Flipkart and BAAC Investments.

Tarun Mehta, Co-founder, and CEO of Ather Energy said, Sachin has been part of our growth journey and this investment is a strong endorsement of the momentum we’ve built. 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.”

 

Ather Energy is an electric scooter manufacturer company founded in 2013 by Tarun Mehta and Swapnil Jain. It manufactures two electric scooter models- 340 and 450.

The IoT based electronic scooter startup’s Ather 450 opened up for its pre-orders last June in Bengaluru and the delivering began in September 2018. The team is looking forward to expanding and has opened its pre-order booking in Chennai. The company aims to reach at least 30 cities by the end of 2023.

Sachin Bansal speaks

In a statement, Sachin Bansal said, “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.”

As an angel investor, Sachin Bansal invested $500,000 in the startup in 2015. In this round, he invested $32 million. Additionally, Hero MotoCorp has converted its convertible debt of $19 million and InnoVen Capital has extended an $8 million venture debt.

Ather is now planning to set up a manufacturing facility which will be used to manufacture one million vehicles in a year. The team is also planning to set up 6,500 Ather Grid Fast charging points across the country in the next 5 years with an investment of 130 crores.

Ather growing every minute

Ather Energy claims that the Athers’ owners have crossed more than 6 lakh kilometer in Bengaluru, 31 charging points in Bengaluru and 7 fast charging points in Chennai. The online Ather community stated that owners have even taken their scooters with one riding from Bengaluru to Tirupati which is a distance of 254 km. Ather is the first in the country to provide purchasing options like a lease with monthly payments of Rs 2517 which makes the vehicle more affordable and accessible.

Ather has pioneered in the post-sales experience with a subscription plan named Ather One which is a one-stop solution for Ather. It provides a facility of door pick up service, 24*7 roadside service, free charging at home or in public. The company is in the process of developing its vehicles and evolving them to be more user-friendly and affordable for its users.

India is the land of innovation and startups, Ather Energy being one of them. The youth is inspired by technology. Technology has really triggered the young minds of India which has resulted into number of startups and the government’s support has played a key role in motivating the young minds.

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