Ather Energy, manufacturer of electric scooters – Ather 450 and Ather 340, have raised an investment of $51 Mn (Rs 355 Cr) in its last round of funding led by Sachin Bansal, who invested $32 Mn (Rs 222 Cr) in the company.
Tarun Mehta, Co-founder & CEO of Ather Energy was quoted saying: “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.”
Ather currently sell only in Bengaluru, but is now planning for an aggressive expansion across the country, with pre-orders opening in Chennai very soon. By the end of 2023 Ather aim to expand their horizon upto 30 cities. In order to fulfill the projected demand in the future, the company desires to come up with a new manufacturing facility capable of producing 1 million vehicles per year. All these projects will get a boost through these funds raised in this round of investment. Ather also have plans to set up 6,500 Ather Grid fast charging points across the country in the next five years with an estimated investment of Rs 130 Cr.
Also read our story on Ather 450 price drop here.
Story: Koustubh Mukherjee