Electric Scooter Startup Ather Energy Raises Rs 260 Cr From Sachin Bansal and Hero MotoCorp
Ather Energy, an electric scooter manufacturer, has raised Rs 260 crore in its Series D round led by Sachin Bansal.
Backing the Bengaluru-based EV maker since 2014, Sachin Bansal is leading the Series D round with Rs 170 crore infusion.
First reported by Entrackr, the startup’s existing investor, Hero MotoCorp, has picked up preference shares worth Rs 90 crore in the EV maker.
As per the startup, it will use the funds to accelerate its expansion plans and speed up the deliveries of its electric scooter, Ather 450X.
Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather Energy is an Indian electric vehicle startup. The startup with its intelligent vehicles aims to revolutionize commute experience.
Talking about the investment, Tarun Mehta (Co-founder & CEO of Ather Energy) said,
“Electric vehicles are here to stay, and Ather Energy is playing a leading role in driving this change. Sachin has been part of our growth journey, and this investment is a strong endorsement of the momentum we’ve built over these years.”
As per the release, the company has been aggressively expanding, with the opening of nine new markets – Pune, Ahmedabad, Delhi, Coimbatore, Kochi, Mumbai, Kozhikode and Kolkata in the coming days, and the installation of Ather Grid in all the new cities.
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