Ather Energy, which is a Bangalore based electric scooter marker has now closed an investment of $51 Million in the latest funding round which is led by the Sachin Bansal Investment Fund of $32 Million.
Ather Energy was one of the earliest startup investments of Sachin Bansal when he invested around $0.5 Million in the firm as an Angel investor in the year 2014. Hero MotoCorp has also converted its Convertible debt of $19 Million as a part of this round. Apart from that, InnoVen Capital has also extended an $8 Million in the venture debt fund.
The startup will be going to be utilized for the expansion of the capacity to 25000 units per annum and add around 3-4 cities in the short term to expand the businesses.
“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.
Source: Ather Energy