Ather Energy to get Rs 220 cr funding from Flipkart founder Sachin Bansal. Ather has raised around Rs 354 crores for its expansion of electric scooter’s company.
Flipkart founder funded Rs 220 cr in Ather Energy
The hardware startups in India, Ather’s electric scooters are currently available only in Bengaluru is planning to expand its business in other cities too in India.
Ather Energy Plans to double its manufacturing capacity
It plans to double its capacity to manufacture more than 25,000 units per annum. The manufacturer recently raised Rs 354 crores funding.
The Co-founder and CEO of Ather Energy, Tarun Mehta, said that the company will use the fresh amount for its new expansions, for supply chain network and manufacturing capacity.
Ather Energy raised $90 million (Rs 626 cr)
$32 million (Rs 222 crores) was given by the Flipkart Co-founder, Sachin Bansal. The other Rs.132 cr was given by Hero MotoCorp adding $19 million (Rs 132 cr) in convertible debt and venture debt InnoVen Capital which invested $8 million (Rs 55 cr) till now it has raised $90 million (Rs 626 cr).
The company will use these funds for dealing with orders to avoid any backlogs for around 5 months. It will start first in Chennai in the coming weeks and after that 30 cities in the country by 2023.
Co-founder and CEO of Ather Energy,
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.”
Flipkart founder Sachin Bansal about EV
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.”
Ather’s electric scooters are eligible for FAME Subsidy. The Ather 450 will now cost at Rs.1.23 lakhs and Ather 340 costs at Rs. 1.09 lakhs.
Both Ather 450 and Ather 340 designed sam but there is a difference in their battery packs and torque.
Pre-orders for Chennai started in June, followed by Pune, Hyderabad, Delhi & Mumbai.
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