Ather Energy raises Rs 260 crore in latest round of funding
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9th Nov 2020 6:07 pm
With this round, ex-Flipkart CEO, Sachin Bansal, has made a total investment of $53 million (Rs 392 crore) in the company.
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Ather Energy, one of India’s first intelligent electric scooter manufacturers, has raised an investment of US $35 million (Rs 260 crore) in its latest round of Series D funding led by Sachin Bansal’s investment of $23 million (Rs 170 crore).
Ather raises Rs 260 crore in latest round of funding.
Receives Rs 170 crore from Sachin Bansal and Rs 89 crore from Hero MotoCorp.
Ather Energy was one of the earliest start-up investments of Sachin Bansal when he invested $0.5 million in the firm as an angel investor in 2014. With this latest round of funding, he has made a total investment of $53 million (Rs 392 crore).
Hero MotoCorp, which first invested in the Bengaluru-based EV start-up in October 2016, in Series B funding, and invested Rs 84 crore more in July 2020 to hike its stake in Ather to 34.58 percent, has also invested $12 million (Rs 89 crore) as a part of the Series D round in Ather Energy. The continued investment by the existing investors is a manifestation of confidence in the brand and the sector, says Ather Energy.
Network expansion and new factory
Ather Energy’s new line of products – Ather 450X and Ather 450 Plus – has been making news across the country. Ather Energy has been aggressively expanding, with the launch in nine new markets – Pune, Ahmedabad, Mumbai, Delhi, Hyderabad, Coimbatore, Kochi, Kozhikode and Kolkata in the coming days – and the installation of Ather Grid in all the new cities.
To meet the projected demand in the coming years, Ather Energy is moving to a new manufacturing facility in Hosur, Tamil Nadu, which will be designed to produce up to 1 million vehicles a year. This round of investment will allow Ather Energy to accelerate its expansion plans and speed up the deliveries of the Ather 450X.
Ather Energy also unveiled their collector’s edition vehicle, Series 1. The Series 1 has been designed for early owners of the vehicle, with only a limited group eligible to purchase it. In the past six months, the EV start-up has added multiple new financing plans – a unique Assured Buyback option for the Ather 450X and Ather 450 Plus, new lease and loan programmes, and a two-wheeler exchange plan. Ather Energy will begin deliveries of their smart electric scooters across India this Diwali.
According to Tarun Mehta, co-founder and CEO, Ather Energy, “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.”
Sachin Bansal commented: “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.”