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Home Gadgets Ather Energy raises $35 million in Series D funding

Ather Energy raises $35 million in Series D funding


New Delhi: Electrical scooter producer Ather Power Saturday stated it has raised $35 million in its newest spherical of Collection D led by Sachin Bansal’s funding of $23 Mn.

Ather Power was one of many earliest start-up investments of Sachin Bansal when he invested $0.5 Mn within the agency as an angel investor in 2014 and with this spherical, has made a complete funding of $53 Mn.

Hero MotoCorp has additionally invested $12 Mn as part of the Collection D spherical in Ather Power.

Ather Power has just lately launched a brand new line of merchandise – Ather 450X and Ather 450 Plus. The corporate has been aggressively increasing, with the opening of 9 new markets – Pune, Ahmedabad, Mumbai, Delhi, Coimbatore, Kochi, Kozhikode & Kolkata within the coming days, and the set up of Ather Grid in all the brand new cities.

To fulfill the projected demand within the coming years, Ather Power is shifting to a brand new manufacturing facility in Hosur, Tamil Nadu, which will probably be designed to supply as much as 1 million automobiles a yr. This spherical of funding will enable Ather Power to speed up its growth plans and velocity up the deliveries of the Ather 450X.

Tarun Mehta, Co-founder & CEO, Ather Power, stated, “Electrical automobiles are right here to remain and Ather Power is taking part in a number one position in driving this modification. Sachin has been a part of our progress journey and this funding is a robust endorsement of the momentum we’ve constructed over these years. Submit the profitable launch of our new product line, we are actually wanting ahead to delivering the automobiles and seeing them throughout all cities. The pandemic has modified the panorama of non-public transport and we hope that with excessive efficiency options out there individuals will select electrical automobiles for his or her each day commute.”

“Ather Power has set a brand new benchmark for clever electrical bikes within the Indian vehicle trade. Their new product line and growth plans throughout the nation will make EVs part of the Indian panorama. Having been part of the workforce since 2014, it is nice to see their imaginative and prescient taking form”, stated Sachin Bansal.

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