India: Electric scooter startup Ather Energy raises $35m led by Sachin Bansal

Visual from Ather Energy website

Electric two-wheeler maker Ather Energy has raised $35 million in a funding round led by Flipkart co-founder Sachin Bansal, who invested $23 million in the round, as per a statement. The Series D round was joined by Hero MotoCorp, which invested $12 million.

Sachin Bansal had first invested $500,000 in the company as an angel investor in 2014 and with this round, has made a total investment of $53 million.

The Bengaluru-based company said that the fresh funding will help it accelerate its expansion plans and speed up the deliveries of its electric scooter, Ather 450X.

“Post the successful launch of our new product line, we are now looking forward to delivering the vehicles and seeing them across all cities. The pandemic has changed the landscape of personal transport and we hope that with high-performance alternatives available, people will choose electric vehicles for their daily commute,” Tarun Mehta, co-founder & CEO, Ather Energy, said.

Incorporated in October 2013, Ather is a technology startup engaged in the business of designing and manufacturing smart electric vehicles (EV) and associated charging infrastructure.

With Ather 450X and Ather 450 Plus e-scooter models in its product portfolio, the company has been aggressively expanding, with the opening of nine new markets — Pune, Ahmedabad, Mumbai, Delhi, Coimbatore, Kochi, Kozhikode, and Kolkata — and the installation of Ather Grid in all the new cities, the company said.

“Ather Energy has set a new benchmark for intelligent electric bikes in the Indian automobile industry. 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,” Bansal said.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.