Chennai, NFAPost: Electric scooter manufacturer Ather Energy has raised an investment of $35 million in its latest round of Series D led by Sachin Bansal’s investment of $23 million.
Ather Energy was one of the earliest startup investments of Sachin Bansal when he invested $0.5 million in the firm as an Angel investor in 2014 and with this round, has made a total investment of $53 million. Hero MotoCorp has also invested $12 million 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.
Ather Energy Co-founder and CEO Tarun Mehta 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.”
He added, “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’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 opening of 9 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.
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.
Sachin Bansal said, “Ather Energy has set a new benchmark for intelligent electric bikes in the Indian automobile industry. Its 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.”
Ather Energy 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 it. In the past 6 months, Ather Energy has added multiple new financing plans – a one of its kind Assured Buyback option for the Ather 450X & Ather 450 Plus, new lease and loan programs and a two wheeler exchange plan. Ather Energy will begin deliveries of their smart electric scooters across India this Diwali.