Tiger Global, one of India's largest investor with start up companies has invested USD 12 million in Ather Energy, a start up company based in Bangalore. Ather Energy is developing an electric two-wheeler.
The company will use the funding to develop, test and produce a smart electric two-wheeler named Ather-S340. This will be the company's first product.
Ather Energy was founded in 2013 by Tarun Mehta and Swapnil Jain, both IIT graduates. The company received its first funding in 2014 by Flipkart founders Sachin Bansal and Binny Bansal, and from Raju Venkatraman of Medall Healthcare, which helped the company with its initial step.
Ather's co-founder, Tarun Mehta's aim is to offer Indian consumers with a completely new driving experience by developing a product that would be at par with any petrol or electric two-wheelers available in the market today.
The prototype test rides are scheduled to take place later this year and the launch is expected in 2016. The Ather-S340 is a vehicle powered by lithium-Ion batteries, equipped with a digital touchscreen dashboard, light-weight aluminium chassis and has a top speed of 75 km/h.