Electric two-wheeler maker, Ather Energy, has raised $51 million in a fresh funding round led by Sachin Bansal. HeroMotoCorp and InnoVen Capital participated in the funding round.
Ather Energy is going to use the funds raised in this round to scale up the business in order to be prepared for the demand for electric two-wheelers that is expected in the near future. The company already has an order backlog of five months and hence, plans to expand its capacity to produce 25,000 units every year. It will also expand its business to 3 to 4 cities in the country in the short term.
In order to meet the demands of the coming years, Ather Energy plans to build a manufacturing unit that can produce 1 million vehicles on a yearly basis. The company made it known that it will set up 6,500 fast charging points to its existing network of charging points called Ather Grid. The setting up will be done over 5 years with an investment of Rs.130 crore.
The pre-ordering facility will be opened in Chennai, too, in the next couple of weeks. The company plans to expand to 30 Indian cities by the year 2023. It makes the electric scooter affordable by offering purchase options such as lease and monthly payments as low as Rs.2,517.
Ather has about 450 owners and has clocked over 6 lakh kilometres in Bengaluru. Bengaluru has 31 fast charging points and Chennai has 7 fast charging points as part of Ather Grid.
Bansal, co-founder of Flipkart, made one of his early investments in the vehicle manufacturer as an angel investor in the year 2014. He had invested $0.5 million then and $32 million now.
The value of the company is now said to be $400 million, according to NDTV Profit.
Apart from Ather Energy, Twenty Two Motors, Okinawa, and Hero Electric also sell electric two-wheelers in the country.
Source: Auto Economic Times