Flipkart Founders Invest $1 million in Electric Vehicle Start-Up

Flipkart founders Sachin and Binny Bansal have invested $1 million (about Rs 6.1 crore) in Ather, an electric vehicle start-up focused on designing high-speed electric two-wheelers for the Indian market.

This funding round also includes investment from Raju Venkatraman, serial entrepreneur and CEO of MEDALL, Ather said.

Incubated and supported by the incubation cell at IIT Madras, Ather was started by Tarun Mehta and Swapnil Jain in 2013 with a mission to accelerate the adoption of electrical vehicles in the country.

Ather, in a release here said, that with a talented team of 15 engineers and designers, it's key focus area is to develop technology to manufacture the best electric vehicles.

It said this round of funding will be primarily used for product development, adding that prior to this, Ather raised their first round of capital in February this year from Dr V Srinivas (Founder, Aerospike) and the Technology Development Board, Government of India.