Indian electric scooter start-up Ather Energy has raised an investment of $51 million in its latest round of funding. The new investment was led by Sachin Bansal's $32 million, and his second with the electric mobility company after coming on board as an angel investor with $0.5 million in 2014. In addition to Bansal, Hero MotoCorp has converted its convertible debt of $19 million as a part of this round, while InnoVen Capital has extended an $8 million venture debt.
Speaking about the new round of investments, Tarun Mehta, Co-founder & CEO, Ather Energy said, "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."
Also Read: Ather 450 First Ride Review
Speaking about his additional investment in Ather, Sachin Bansal said, "The traditional auto industry is up for a redefinition. Watching Ather closely since my early investment in 2014, I am convinced that the ecosystem that Ather is building with their products is the future of urban mobility. Their focus on end to end customer experience will open up new revenue opportunities and accelerate the adoption of electric vehicles in India. The future is electric and I am excited to be a part of this journey in shaping the future."
In 2018, Ather Energy commenced operations with its first electric scooter - Ather 450. Pre-order for the electric scooter commenced in June last year only for Bengaluru, while deliveries started from September 2018. Over the past months, Ather has been expanding its electric charging network in Bengaluru and more recently expanded its operations in Chennai. The company plans to scale up to 30 cities by the end of 2023, and will be expanding its manufacturing facility in the future to produce up to one million vehicles annually. Ather also plans to set-up over 6500 fast charging points across the country in the next five years with a projected investment of ₹ 130 crore.
With its models sold out by September 2019, Ather is now looking to complete its delivery backlog. The company says that the Ather 450 owners have clocked more than 6 lakh km in Bengaluru, while establishing 31 fast charging points in the city along with seven charging points in Chennai. The electric vehicle maker is also offering the Ather 450 via different purchase options including leasing apart from an outright purchase. Ather Energy also offers the Ather One subscription plan that takes care of maintenance and service, 24x7 roadside assistance, free charging at home and more.