New Delhi: Ather, an electric vehicle start-up focused on designing high-speed electric two-wheelers for the Indian market, has raised funding from Flipkart founders Sachin and Binny Bansal.
This funding round also includes investment from Raju Venkatraman, serial entrepreneur and CEO of MEDALL. With a team of 15 engineers and designers, Ather’s key focus area is to develop technology to manufacture the best electric vehicles for India.
This round of funding will be primarily used for product development. Prior to this, Ather raised their first round of capital in February this year from Dr. V Srinivas (Founder, Aerospike) and the Technology Development Board, Government of India.
Tarun Mehta of Ather said, “We are very excited about this fresh round of funding. Sachin and Binny Bansal are leaders who have put India’s e-commerce industry on the global map through disruptive use of technology. Their focus on technology and reinvention aligns with that of Team Ather. Electric vehicles are still at a very nascent stage in India and our aim is to develop and introduce efficient electric scooters which will benefit the country and help manage its resources more effectively. We are extremely confident about this product and this funding is a reinforcement of our belief.”
Commenting on this funding, Sachin and Binny Bansal jointly said, “We believe that the world is moving towards a smarter, more energy-efficient and environment-friendly approach in our daily lives. Growing Indian start-ups like Ather are using technology successfully to make a mark in this field. We believe the team has the right vision and approach and will be successful in giving India the next generation of impactful, technology-enabled products that will change the way we live. We wish team Ather all the best for this project.”
Ather used standardized documents designed by another start-up - termsheet.io, for this round. Currently Ather is engaged in full-vehicle design and testing. The initial performance validation is over and manufacturing partners are currently being brought on-board.