Ather Energy raises Rs 260 crore million funding led by Sachin Bansal
Date: 07 Nov 2020
Energy, one of India’s first intelligent electric scooter manufacturers, has
raised an investment of $35 million (approximately Rs 260 crore) in its latest round of Series D led by Sachin
Bansal’s investment of $23 million.
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 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
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.
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
Energy also unveiled their 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.