Ather Energy raises $51 mn from Hero MotoCorp, Innoven Capital and Sachin Bansal

New Delhi: Ather Energy, an electric scooter manufacturing startup, on Monday raised funds to the tune of $51 million, which would be used for setting up a new manufacturing capacity, research and development for a range of upcoming products and setting up of charging stations. Former Flipkart founder Sachin Bansal made an investment of $32 million in the current round of fundraising while Hero MotoCorp Ltd, country’s largest manufacturer of two-wheelers, has converted its convertible debt of $19 million.

Singapore-based InnoVen Capital – one of Asia’s largest venture debt provider to startups – has extended an $8-million venture debt to the scooter manufacturing startup.