Ather Energy Raises Rs 355 Crore in New Round of Funding
Flipkart Co-Founder Sachin Bansal leads round with Rs 223 crore fresh investment in the electric scooter maker.
The Quint DAILY
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Ather Energy, a Bengaluru-based startup that has launched a range of electric scooters, has raised an investment of $51 million (Rs 355 crore) in its latest round of funding. This round was led by Flipkart co-founder Sachin Bansal, who put in $32 million (nearly Rs 223 crore).
Ather Energy was one of the earliest start-up investments of Sachin Bansal when he invested about Rs 3.5 crore in the firm as an angel investor in 2014. Another investor, Hero MotoCorp, has converted its convertible debt of $19 million (Rs 132 crore) as a part of this round. In addition to this, InnoVen Capital has extended a $8 million (Rs 55.72 crore) venture debt.
Ather Energy launched its flagship electric scooter, the Ather 450 in June 2018, with deliveries starting in September. It claims most of its stock has been sold out till September 2019. It currently sells only in Bengaluru, but plans to scale up to 30 cities by 2023.
The company will be opening pre-orders for its scooters in Chennai in the coming weeks.
To meet the projected demand, the company is planning a new manufacturing facility which will be designed to produce 1 million vehicles a year.
The company is also setting up fast charging points in the city and will then begin doing so nationally. This project will cost about Rs 130 crore over a five-year period. It currently has 31 fast charging points in Bengaluru and seven points in Chennai.
The Ather 450 scooter is a connected electric scooter that can get software updates over the air. It comes with a 5.4 Kw motor that puts out 20.5 Nm of torque. It claims a top-speed of 80 kmph and a range of 75 Km per charge.
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