Hero MotorCorp backed two wheeler electric scooter maker Ather Energy has raised $35 milion in funding round. The funding was lead by Sachin Bansal who invested $23 million, Hero MotorCorp also invested $12 million in the Series D round as per reports.
“Post the successful launching of our new product line, we are currently excited about delivering the vehicles and seeing them around all cities. The pandemic has changed the landscape of personal transport and we hope that with higher performance alternatives available men and women will choose electric vehicles for their daily commute,” Mehta added.
“Electric vehicles are here in order to remain and Ather Energy is playing a leading role in driving this shift. Sachin has been part of our expansion 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.
Together with Ather 450X and Ather 450 Plus e-scooter versions in its product portfolio, the company has been aggressively expanding, with the introduction of nine new markets – Pune, Ahmedabad, Mumbai, Delhi, Coimbatore, Kochi, Kozhikode and Kolkata in the coming days, and the installment of Ather Grid with of the new cities, said the launch.
The continued investment by the existing investors is a reflection of confidence in the brand and the business, ” it said.
“Ather Energy’s new product line and expansion plans throughout the nation is likely to make EVs part of the Indian landscape. Having been a part of the team since 2014, it is great to see their vision taking shape,” said Bansal on the brand new round of his investment in the organization.
The EV manufacturer also unveiled its collector’s edition automobile Series 1, that the only two wheeler with transparent panels in India, in September. The Series 1 vehicle was designed for owners of this automobile with only a limited group eligible to purchase, in accordance with the release.
Besides Bansal, Hero MotoCorp has also invested $12 million as Part of the Series D round in the EV startup, according to a release. This type of investment will allow Ather Energy to accelerate its expansion strategies and speed up the deliveries of its electrical scooter, Ather 450X, the Bengaluru-based startup said. Ather Energy has been one of the first start-up investments of Bansal, who chipped in as an angel investor with $0.5 million funds in the company in 2014.
To meet the projected need in the coming years, the EV manufacturer is moving to a new manufacturing facility in Hosur, Tamil Nadu, which will be designed to create around 1 million vehicles per year.
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