India’s first intelligent electric scooter manufacturer, Ather Energy has managed to raise an investment of about 51 million dollars in its latest round of funding. The funding was led by Sachin Bansal’s initial investment of 32 million dollars. One of the earliest start-up investments by Sachin Bansal was when he invested half a million dollars in Ather Energy as an Angel investor, back in 2014. Hero MotoCorp has also managed to convert its Convertible Debt of over 19 million dollars as a part of this round. In addition to this, InnoVen Capital has also extended an 8 million dollar venture debt.
In the past 6 months, Ather 450 owners have clocked over 6 lakh kms in Bengaluru, as the Ather Grid, which is the company’s largest public charging network, has installed around 31 fast charging points in Bengaluru and over 7 fast charging points in Chennai. Ather Energy has also been a leader in the post-sales experience innovation with a subscription plan named Ather One, which is a one-stop solution that includes doorstep pick up and service, 24X7 roadside assistance, free charging at home and in public etc. As the Ather 450 is a connected vehicle, it has received multiple over-the-air (OTA) updates since September 2018, adding features like new ride modes, guide-me-home lights, making it one of the fastest growing electric vehicle brand in India.
The Ather scooters have stimulated the interest of automobile and tech enthusiasts alike, by selling out stocks till September 2019. Ather is now advancing towards an aggressive expansion phase, with the opening of pre-orders in Chennai in the coming weeks, and eventually scaling to 30 cities by the end of 2023. To meet the projected demand in the coming years, the company is also planning a new manufacturing facility which will be designed to produce over 1 million vehicles a year. Ather Energy is also planning to set up over 6,500 Ather Grid fast charging points across the country in the next 5 years with a projected investment of Rs 1.30 crores.
Commenting on the matter, Tarun Mehta, Co-founder & CEO, Ather Energy said, “Electric vehicles are here to stay and Ather 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 in Bengaluru, we are eager to reach out to consumers in other cities and to build more products that will excite consumers to switch to electric vehicles. The changing landscape of personal transport has also offered us more opportunities and you will hear about the new business models that we are investing in very soon.”
Commenting on the matter, Sachin Bansal said, “The traditional auto industry is up for a redefinition. Watching Ather closely since my early investment in 2014, I am convinced that the ecosystem that Ather is building with their products is the future of urban mobility. Their focus on end to end customer experience will open up new revenue opportunities and accelerate the adoption of electric vehicles in India. The future is electric and I am excited to be a part of this journey in shaping the future.”