Bangalore-based smart electric two-wheeler startup, Ather Energy has raised a fresh round of funding of INR 205 crores from Hero MotoCorp for 26-30% stake. The funding marks the third round of investments in Ather Energy, which is building the S340 – India’s first smart, electric scooter. Previous rounds of investments in the company were by Tiger Global; and Sachin and Binny Bansal, promoters of Flipkart, in their personal capacity.
The new round of funding will be used by Ather to sustain momentum in its journey of building a future-ready product platform, and to accelerate the infrastructure and ecosystem development around electric vehicles in the country, the company said in a statement.
Speaking on the investment, Tarun Mehta, CEO and co-founder of Ather Energy said, “The funding is a strong validation of our product roadmap and technology capability, endorsed by one of the biggest global automotive players. We believe smart connected electric vehicles are the future and India will be an important global player in it. Our vision is to fast forward to that future and this investment will help us leapfrog several years of automotive experience”.
The Board of Directors of Hero MotoCorp has approved an investment of up to Rs. 205 crore, of which the immediate trench is of Rs. 180 crore.
