Ather Energy raises $35 million in funding led by Sachin Bansal
E-scooter maker Ather Energy on Saturday announced it has raised an investment of $35 million in its latest round of Series D led by Sachin Bansal’s investment of $23 million. Hero MotoCorp has also invested $12 million as a part of the Series D round in Ather Energy.
Ather Energy has been pushing forward rapidly to expand its reach across the country in recent times, with the opening of nine new markets - Pune, Ahmedabad, Mumbai, Delhi, Coimbatore, Kochi, Kozhikode & Kolkata in the coming days. It is also getting ready to establish Ather Grid in all of the new cities.
Ather expects the already rising demand for e-scooters to rapidly increase in coming times and has confirmed its plans of a new in Tamil Nadu's Hosur. This facility will be able to roll out a million units each year. This round of investment will allow Ather Energy to accelerate its expansion plans and speed up the deliveries of the Ather 450X. "Electric vehicles are here to stay and Ather Energy 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," said Tarun Mehta, Co-founder and CEO at Ather Energy.
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Ather 450X and 450 Plus are the two main products which act as fulcrum to the company's expansion plans in the country.
Bansal, as such, is also confident of Ather's roadmap ahead. "Their new product line and expansion plans across the country will make EVs a part of the Indian landscape. Having been a part of the team since 2014, it's great to see their vision taking shape," he said.