Ather Energy, a Bangalore based startup, that is currently designing a smart electric two-wheeler, has received funding of US $12 million (Rs 75.33 crore) from Tiger Global.
The new round of funding will be used for development, testing, production and the launch of Ather’s first smart electric two-wheeler – the Ather S340.
“Ather Energy aims to build smart, connected electric vehicles of the future. We want to offer the Indian consumer a completely new driving experience by developing a product that would be at par with any petrol or electric two-wheelers available in the market today”, said Tarun Mehta, CEO and co-founder of Ather Energy.
Ather had received its first seed fund of US $1 million in late 2014 from Sachin Bansal and Binny Bansal, founders of Flipkart, and Raju Venkatraman of Medall Healthcare, which provided the initial impetus for Ather’s growth plans.