Ather Energy was founded in 2013 by IIT Madras alumni Tarun Mehta and Swapnil Jain. On the other hand, Flipkart was founded in 2007 by Sachin Bansal and Binny Bansal, both former students of the Indian Institute of Technology in Delhi. There is hardly any connection between these two statements and between these two groups of founders. However, fast-forwarding to 2020, Ather Energy has raised an investment of $ 35Mn in its latest Series D round led by Sachin Bansal’s investment of a whopping $ 23 million.
Interestingly, Ather Energy was one of Sachin Bansal’s first initial investments, when it invested USD 0.5 million in the company as Angel Investor in 2014. Currently, after this round, Sachin Bansal has made a total investment of USD 53 Mn at startup. But it is not the only investor, Hero MotoCorp has also invested USD 12Mn as part of the Series D round in Ather Energy. This not only shows the interest of the largest two-wheeler manufacturer in the country in electric vehicles, but also, these continued investments from existing investors are a manifestation of confidence in the brand and the sector.
Ather Energy’s new product line, Ather 450X and Ather 450 Plus, has made headlines across the country. Ather Energy has expanded aggressively, with the opening of 9 new markets: Pune, Ahmedabad, Mumbai, Delhi, Coimbatore, Kochi, Kozhikode and Kolkata in the coming days, and the installation of Ather Grid in all the new cities. Additionally, to meet projected demand in the coming years, Ather Energy is moving into a new manufacturing facility in Hosur, Tamil Nadu, which will be designed to produce up to 1 million vehicles per year. This investment round will enable Ather Energy to accelerate its expansion plans and accelerate deliveries of the Ather 450X.
Apart from this, Ather Energy also unveiled its Series 1 collector’s edition vehicle, which is the only two-wheeler with transparent panels in India, in September. The Series 1 vehicle has been designed for early vehicle owners with only a limited group eligible to purchase it. Additionally, to make the EV transition even easier and more affordable, in the past 6 months, Ather Energy has added several new financing plans, including a one-of-a-kind secured buyback option for the Ather 450X and Ather 450. Plus, new lease and loan programs and a two-wheeler trade-in plan. Ather Energy has also promised to start deliveries of its smart electric scooters across India this Diwali.
Quote from Tarun Mehta, Co-Founder and CEO of Ather Energy “Electric vehicles are here to stay and Ather Energy is playing a leadership role in driving this change. Sachin has been part of our growth journey and this investment is a strong endorsement of the momentum we have built over the years. After the successful launch of our new product line, we now look forward to delivering the vehicles and seeing them in all cities. The pandemic has changed the landscape of personal transportation and we hope that with the high-performance alternatives available, people will choose electric vehicles for their daily commutes. “
Sachin Bansal quote “Ather Energy has set a new benchmark for smart electric bikes in the Indian automotive industry. Its new product line and its expansion plans across the country will make electric vehicles part of the Indian landscape. Having been part of the team since 2014, it’s great to see his vision take shape. “
Ather Energy is currently supported by Flipkart founders Sachin Bansal and Binny Bansal, Hero Motocorp and Tiger Global. Ather Energy is also credited with launching India’s first truly smart electric scooter – Ather 450 in 2018, followed by its new flagship offering Ather 450X in 2020. Recently, the startup also installed a comprehensive public charging network. , Ather Grid, built and designed in India. With 38 charging points in Bengaluru and 14 charging points in Chennai, Ather Grid is one of the largest fast charging networks for electric vehicles in the country. Ather Energy currently operates in Bengaluru and Chennai and in 2020 it expands to Delhi NCR, Mumbai, Pune, Hyderabad as part of a national expansion plan. Ather has also added multiple ownership and purchase options for consumers, including gas swapping, private leasing, monthly subscription, and model upgrades.
