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Ather Energy raises USD 51 million

Written by Nizam Shaikh

Ather Energy, an electric mobility solutions brand headquartered in Bengaluru Karnataka which also claims to be the first intelligent electric scooter manufacturer has raised an investment of USD 51 million in its latest round of funding. The funding is led by Sachin Bansal’s investment of USD 32 million.

Sachin Bansal invested in the start-up firm as one of the Angel investors in 2014 with the amount of USD 0.5 million. InnoVen Capital has extended a USD 8 million as venture debt and Hero MotoCorp has converted its convertible debt of USD 19 million in this part of the round.

The brand launched their Ather 450 scooter last year with pre-bookings starting from June 2018 and deliveries from September 2018. The scooters have been much liked by automotive boffins and its stocks were sold out till September 2019. The company is in its second stage of expansion now and plans to extend itself by opening pre-orders in Chennai in the coming weeks. Ather plans to eventually expand the company to 30 cities across India by the end of 2023. The company also plans to set up 6,500 Ather Grids across the country. Ather Grid is a fast charging station for its electric scooters and the company plans to build more over the next 5 years with a projected investment of INR 130 crores.

Being a connected vehicle, the Ather 450 comes with a lot of features like over the air updates. The scooter has ride modes, guide-me-home lights and an effortless reverse mode. The Ather 450 owners have clocked over 6 lakh km in Bengaluru in the last 6 months and the company has set up 31, open to public, fast charging points in Bengaluru and 7 fast charging points in Chennai. The Ather 450 also comes with subscription plans like Ather One which provides free charging at Ather Grid, 24×7 roadside assistance, doorstep pickup and service and the bills from the Home Charger are also reimbursed within the Ather One plan. Ather Energy is the first company in the country to offer purchase and lease options with monthly payments from INR 2,517 which makes the electric scooter accessible to many people.

The company holds over 51 patent applications, 113 trademarks and 123 design registrations. Ather Energy has also won 25 awards in the design, automotive and technology categories.