May 31: Electric scooter developing startup Ather Energy has raised $51 million, which will be used to set up a new manufacturing capacity, research and development for a range of upcoming products and setting up of charging stations.
Sachin Bansal invested an amount of $32 million in the last round of fundraising. Meanwhile Hero MotoCorp Ltd, country’s largest manufacturer of two-wheelers, has converted its convertible debt of $19 million.
An $8-million venture debt was offered by the InnoVen Capital. The Singapore based company is one of Asia’s largest venture debt providers to startups.
In two different fundraising rounds, Hero MotoCorp has invested an amount of Rs 330 crore in Ather Energy. The startup headquartered in Bangalore had previously received funds from American hedge fund and venture capital investor Tiger global and former Flipkart founders Sachin and Binny Bansal.
Ather is set for a huge expansion. In the coming weeks, it will open pre-orders in Chennai and is aiming to operate in 30 cities by 2023. According to a company press release, the company is also planning to set up a new facility which will be capable of manufacturing one million vehicles a year, due to the high demand.
Sachin Bansal was quoted as saying that products by Ather Energy are the future of urban mobility. He added that the company’s focus on end-to-end customer experience will offer new revenue opportunities and accelerate the move to electric vehicles in India.
As many as 6,500 Ather Grid fast charging points will be set up throughout the country in the next five years. An amount of Rs 130 crore is invested for the same.