The founders of Flipkart, the electronic commerce company have invested USD 1 million (INR 6.19 crore) in Ather, a start-up company, focused on designing fast electric two-wheelers for India.
The funds that have been invested will be used for R&D for new components like batteries, charger and an Android dash board.
Sachin and Binny Bansal, the founders of Flipkart, have invested this money along with Raju Venkatraman, the serial entrepreneur and CEO of MEDALL.
Arther, was started in 2013 by Tarun Mehta and Swapnil Jain, keeping one thing in mind—to increase the adoption of electrical vehicles in India.
The company has already built prototypes of the electric two-wheeler and test rides to the public will be offered in another four months. Mainstream sales however, will take another year or a little more.
Ather had raised its initial capital of USD 100,000 back in February this year, from V Srinivas, the founder of Aerospike and the Technology Development Board, run by the government of India.
Arther, with 15 engineers on board, is set to develop technology, manufacture and offer electric vehicles for India.
The Flipkart founders have been on an investment spree ever since they acquired Myntra in May.