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Electric auto-maker Ather Energy raises USD 35M in Series D funding round led by Flipkart’s Sachin Bansal

Ather Energy is a Bengaluru-based company that makes electric two-wheelers and according to recent reports, the company has raised funding worth USD 35 Million in its latest Series D funding round which was led by entrepreneur Sachin Bansal who is the co-founder of Flipkart.

In the Series D funding round, Sachin Bansal invested a sum of USD 23 million making his total investments in Ather Energy a sum of USD 53 million. Other players of the two-wheeler market like Hero MotoCorp has pitched in USD 12 million in the electric two-wheeler maker company.

In conversation with Ather Energy, the company spokesperson mentioned that these freshly acquired funds by the company will be used to accelerate its expansion plans in the electric two-wheeler market.  Furthermore, the company aims to speed the production and deliveries of its latest Ather 450X scooter which was launched in January this year.

Tarun Mehta and Swapnil Jain came up with the company and founded it back in 2013. Ather Energy is a manufacturer and distributor of electric-powered two-wheelers which it sells in the Indian market.

Flipkart Co-founder, Sachin Bansal became an angel investor for Ather Energy back in 2014 by investing USD 0.5 million in the Electric Vehicle maker’s company. It is considered one of Bansal’s first few investments back in the day.

Ather Energy logo

Credits: https://rb.gy/4nh3bo

Ather Energy has also planted Electric Vehicle Charging units in Bengaluru and Chennai which are called by the name of Ather Grid. The company later plans to expand its Ather Grid network to Coimbatore, Mumbai, Pune, National Capital Region, Kolkata, Ahmedabad, Kochi and Hyderabad.

Tarun Mehta, CEO of Ather Energy speaks very confidently about the future of Electric Vehicles in the Indian automobile market. He states that Ather Energy is an industry leader in EV two-wheelers and is proud to call themselves leaders of this change.

Bansal has been a part of this growth graph since the beginning and the latest infusion of funds is an endorsement towards the future of Electric Vehicles and the transition that India is due to go through.

In July this year, Ather Energy raised USD 112 million funds from Hero MotoCorp which increased its share in the Electric Vehicle maker to 35%.

The Indian automobile industry is due to go through a revolutionary change from gas-based cars to Electric Vehicles and Prime Minister Narendra Modi’s “Atmanirbhar” campaign provides incentives to Electric Vehicle manufacturers to establish factories in India and minimise reliance on foreign imports from foreign companies.

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