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Ather Energy, the Bengaluru-based electric scooter manufacturers have announced that they have managed to raise new investments of $35 million in their latest Series D round.
Of the total among, $23 million is from Sachin Bansal, while the remaining $12 million has been invested by Hero MotoCorp. Sachin Bansal was among the first Angel investors for Ather Energy, back in 2014 when he had invested $0.5 million. Now with the latest round, Bansal's total investment adds up to $53 million toward the electric two-wheeler startup.
Sachin Bansal stated,
"Ather Energy has set a new benchmark for intelligent electric bikes in the Indian automobile industry. Their new product line and expansion plans across the country will make EVs a part of the Indian landscape. Having been a part of the team since 2014, it's great to see their vision taking shape."
The investment comes in good time, as the company is all set to begin deliveries of its latest 450X electric scooter across multiple cities in India. Ather Energy had previously announced that they will be expanding to nine new markets across the country in the coming days. They will also be setting up Ather grids in all the new markets as well.
Ather states that the new round of investments will help them speed up expansion plans, while also accelerating deliveries of their new 450X scooter. The company is also set to move into a new manufacturing facility in Hosur, Tamil Nadu, which will have a capacity of producing 1 million vehicles annually. All this should help Ather meet the demands which is expected to rise in the coming years.
Talking about the new investment, Tarun Mehta, Co-Founder & CEO, Ather Energy stated,
"Electric vehicles are here to stay and Ather Energy 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 of our new product line, we are now looking forward to delivering the vehicles and seeing them across all cities. The pandemic has changed the landscape of personal transport and we hope that with high performance alternatives available people will choose electric vehicles for their daily commute."
Thoughts On Ather Energy Receiving New Funding
The latest $35 million investment comes at the right time for the brand, which is on the verge of expanding to multiple new markets across India, in the coming months. The new funding will definitely help boost the company's expansion plans even further.