Flipkart co-founder, Sachin Bansal, invests $32 million in Ather Energy | Hero motor corp. converts its Debt of $19 Million
Bengaluru based electric scooter maker Ather has raised $51 million in its recent round of funding
With an order backlog of about five months, Ather Energy will be utilizing this fund for expansion of capacity to 25000 units per annum and add 3-4 cities in the short term to expand the business. To meet the projected demand in the coming years, the company is planning a new manufacturing facility, that will be designed to produce 1 million vehicles a year.
- Electric scooter maker Ather raised $51 million in its recent round of investment.
- Flipkart co-founder, Sachin Bansal invested $32 million, followed by Hero motor corp. converting their convertible $19 million debt and InnoVen Capital has extended an $8 million venture debt.
- Ather to open a manufacturing facility to produce 1 million vehicles a year.
The vision of Sachin Bansal
Sachin Bansal had invested $0.5 million in Ather Energy in 2014 as an angel investor. Ather was one of the earliest startup investments of Bansal. “Watching Ather closely since my early investment in 2014, I am convinced that the ecosystem that Ather is building with their products is the future of urban mobility. Their focus on end to end customer experience will open up new revenue opportunities and accelerate the adoption of electric vehicles in India. The future is electric and I am excited to be a part of this journey in shaping the future,” added Bansal.
