Ather Energy raises $51M led by Sachin Bansal
Ather Energy was one of the earliest start-up investments of Sachin Bansal when he invested $0.5 Mn in the firm as an Angel investor in 2014. Hero MotoCorp has converted its Convertible Debt of $19 Mn as a part of this round. In addition to this, InnoVen Capital has extended a $8 Mn venture debt.
With an order backlog of about five months, Ather Energy will be utilising this fund for expansion of capacity to 25000 units per annum and add 3-4 cities in the shorterm to expand business. The Chennai pre-orders will be opening in the coming weeks, and eventually the companys to expand to 30 cities by the end of 2023.
To meet the projected demand in the coming years, the company is planning a new manufacturing facility which will be designed to produce 1 million vehicles a year. Ather Energy will also set up 6500 Ather Grid fast charging points across the country over the next 5 years with a projected investment of Rs 130 Cr, the company informed.
Sachin’s loving the Ather 450 ride 🙂 Excited to share that we’ve closed our latest round of funding of $51 Mn led… https://t.co/pKcU4KPAVc
— Ather Energy (@atherenergy) 1559040464000
On the fresh round of funding, Tarun Mehta, Co-founder & CEO, Ather Energy said, Sachin has been part of our growth journey and this investment is a strong endorsement of the momentum Ather has 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 we are investing in very soon,” added Mehta.
Sachin Bansal, Flipkart co-founder and a board in Ather Energy 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,” added Bansal.
In the past 6 months, the Ather 450 owners have clocked more than 6 lakh km in Bengaluru and the company’s public charging network, Ather Grid has 31 fast charging points in Bengaluru and 7 fast charging points in Chennai. Ather is the first in the country to offer innovative purchase options like lease, with monthly payments as low as Rs 2517, which make the electric scooter accessible.
Ather has pioneered in the post sales experience with a subscription plan named Ather One which is a one-stop solution including all requirements of doorstep pick up and service, 24X7 roadside assistance, free charging at home and in public etc, claimed the company. Being a connected vehicle, Ather has already released multiple over-the-air (OTA) updates since September 2018, adding features like new ride modes and making them one of the fastest iteration cycles in the country.
Source: ET Tech