Bengaluru-based startup Ather Energy has raised about $27 Mn (INR 180 Cr) investment from Hero MotoCorp for 26%-30% stake.
The latest funding will be utilised to sustain momentum in its journey of building a future-ready product platform, and to accelerate the infrastructure and ecosystem development around electric vehicles in the count.
Speaking on the investment, Tarun Mehta, CEO and co-founder of Ather Energy said, “The funding is a strong validation of our product roadmap and technology capability, endorsed by one of the biggest global automotive players. We believe smart connected electric vehicles are the future and India will be an important global player in it. Our vision is to fast forward to that future and this investment will help us leapfrog several years of automotive experience”
The Board of Directors of Hero MotoCorp, in a meeting held on October 26, 2016, approved an investment of up to $30.6 Mn (INR 205 Cr), of which the immediate tranch is of $27 Mn.
Ather Energy is the brainchild of IIT graduates Tarun Mehta and Swapnil Jain, and is among the few hardware startups in India. Founded in 2013, this marks the third round of investments in Ather Energy. Previous rounds of investments in the company were by Tiger Global; and Sachin and Binny Bansal, promoters of Flipkart, in their personal capacity.
Earlier this year in February, Ather launched its first smart, electric scooter, the S340, at Surge Conference in Bengaluru. Packed with a powerful lithium-ion battery pack, a top speed of 72 kmph, and a range up to 60 kms, this product from Ather Energy is designed for urban tech lovers, who are curious about futuristic products and have a propensity for technology.