Ather Energy raises $27 million worth of funds from Hero MotoCorp
Ather Energy which is the brainchild of IIT graduates Tarun Mehta and Swapnil Jain, and is among the few hardware startups in India. Founded in 2013, this marks the third round of investments in Ather Energy. Previous rounds of investments in the company were by Tiger Global; and Sachin and Binny Bansal, promoters of Flipkart, in their personal capacity.
As per the latest from this startup, Bengaluru-based startup Ather Energy has raised about $27 million investment from Hero MotoCorp for 26%-30% stake.
Speaking on the occasion, Tarun Mehta, CEO and co-founder of Ather Energy mentioned,
“The funding is a strong validation of our product roadmap and technology capability, endorsed by one of the biggest global automotive players. We believe smart connected electric vehicles are the future and India will be an important global player in it. Our vision is to fast forward to that future and this investment will help us leapfrog several years of automotive experience”
The latest funding will be utilised to sustain momentum in its journey of building a future-ready product platform, and to accelerate the infrastructure and ecosystem development around electric vehicles in the count.