Ather Energy has raised US$ 51 million in the latest round of funding. Flipkart co-founder Sachin Bansal has invested US$ 32 million in the start-up. He had invested US$ 0.5 million in 2014. Hero MotoCorp has invested US$ 19 million in the latest round along with InnoVen Capital that has put in another US$ 8 million.
At present, Ather Energy sells its electric scooters in Bangalore and Chennai. The company plans to expand to 30 cities by the end of 2023. It expects demand to grow in the near future and is therefore planning to set up a new manufacturing unit with an annual production capacity of 1 million units.
Ather Energy is also planning to expand its public charging network called Ather Grid to 6,500 points across India in the next 5 years. The company plans to invest Rs. 130 crore in this project. At present, Bangalore and Chennai have 31 and 7 fast charging points each.
Source: Read Full Article