Electric scooter start-up Ather Energy raises $51 million led by Sachin Bansal
Electric scooter manufacturer Ather Energy has raised an investment of $51 million in its latest round of funding, led by Flipkart co-founder Sachin Bansal’s investment of $32 million. Ather Energy was one of the earliest start-up investments of Sachin Bansal when he invested $0.5 million in the firm as an Angel investor in 2014.
Hero MotoCorp has converted its convertible debt of $19 million as a part of this round. In addition to this, InnoVen Capital has extended an $8-million venture debt.
To meet the projected demand in the coming years, the company is planning a new manufacturing facility, which will be designed to produce 1 million vehicles a year. Ather Energy will also set up 6,500 Ather Grid fast charging points across the country over the next 5 years with an estimated investment of Rs 130 crore.
