Hero MotoCorp-backed electric two-wheeler maker Ather Energy on Saturday said it has raised funds to the tune of USD 35 million in a funding round led by Flipkart co-founder Sachin Bansal’s investment of USD 23 million.
Besides Bansal, Hero MotoCorp has also invested USD 12 million as a part of the Series D round in the EV startup, according to a release.
This round of investment will allow Ather Energy to accelerate its expansion plans and speed up the deliveries of its electric scooter, Ather 450X, the Bengaluru-based startup said.
Ather Energy was one of the earliest start-up investments of Bansal, who chipped in as an angel investor with USD 0.5 million funds in the firm in 2014.
With this round, Bansal’s total investment in the startup stands at USD 53 million, according to the release.
The continued investment by the existing investors is a manifestation of confidence in the brand and the sector, it 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,” said Tarun Mehta, Co-founder & CEO, Ather Energy.
With Ather 450X and Ather 450 Plus e-scooter models in its product portfolio, the company has been aggressively expanding, with the opening of nine new markets – Pune, Ahmedabad, Mumbai, Delhi, Coimbatore, Kochi, Kozhikode and Kolkata in the coming days, and the installation of Ather Grid in all the new cities, said the release.
“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,” Mehta added.
To meet the projected demand in the coming years, the EV maker is moving to a new manufacturing facility in Hosur, Tamil Nadu, which will be designed to produce up to 1 million vehicles a year.
“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.
The EV maker also unveiled its 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, as per the release.
