Ather Energy Raises $35 Million In Series D Funding Led By Sachin Bansal

- Advertisement -
  • Hero MotoCorp also invested $12 million
  • Ather Energy will open nine new markets – Pune, Ahmedabad, Mumbai, Delhi, Coimbatore, Kochi, Kozhikode and Kolkata in the coming days, and install Ather Grid in these areas

Ather Energy said that it has raised an investment of $35 million in its latest round of Series D funding. This funding was led by Sachin Bansal’s $23 million. Hero MotoCorp also invested $12 million as a part of the Series D round in Ather Energy. The company said in a statement that this round of investment will allow Ather Energy to accelerate its expansion plans and speed up deliveries of Ather 450X.

It also said that Ather Energy will open nine new markets – Pune, Ahmedabad, Mumbai, Delhi, Coimbatore, Kochi, Kozhikode and Kolkata in the coming days, and install Ather Grid in these areas. The statement added that the continued investment by the existing investors is a manifestation of confidence in the brand and the sector.

Bansal said that Ather Energy has set a new benchmark for intelligent electric bikes in the Indian automobile industry. Its new product line and expansion plans across the country will make EVs a part of the Indian landscape.

- Advertisement -

New manufacturing facility in Hosur

Tarun Mehta, co-founder and CEO, Ather Energy, said that after the successful launch of our new product line, the company is looking forward to delivering the vehicles and seeing them across all cities. The pandemic has changed the landscape of personal transport and the company hopes that high-performance alternatives available people will choose electric vehicles for their daily commute.

The company also said that it is moving to a new manufacturing facility in Hosur, Tamil Nadu. It will be designed to produce up to one million vehicles a year.

In July, it had raised Rs 840 Million (Rs 84 Crore) from one of world’s largest two-wheeler maker Hero MotoCorp. The funding was raised during series C round.

According to a recent report by Report Linker, India electric vehicle ecosystem market will reach a value of $216.3 billion by 2030. The EV market is anticipated, as per the report, to grow at a robust CAGR of 43.13 per cent during the forecast period from 2019 to 2030. Additionally, installation of charging infrastructure is projected to grow at a CAGR of 42.38 per cent.

- Advertisement -

Related Artcles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Buzz

PLI Scheme Can Help States Become Destinations For Electronics Manufacturing: MoS

0
The manufacturing plant has been set up under the Production Linked Incentive (PLI) scheme At the recent opening ceremony of Pegatron mobile manufacturing facility, the...

Redington’s Renewable Portfolio Enhanced With New Solar Program

0
To accelerate the solar power adoption by homes and businesses, the company has launched Solar Rooftop Partner Program The leading tech company Redington Ltd recently...

The SIDM Champion Award 2022 goes to: CoreEL!

0
On Sep 27th 2022, the India-based tech-company CoreEL received the Society of Indian Defence Manufacturers (SIDM) Champion Awards 2022. Country's Raksha Mantri Shri Rajnath...

Exclusive

PLI Scheme Can Help States Become Destinations For Electronics Manufacturing: MoS

0
The manufacturing plant has been set up under the Production Linked Incentive (PLI) scheme At the recent opening ceremony of Pegatron mobile manufacturing facility, the...

Redington’s Renewable Portfolio Enhanced With New Solar Program

0
To accelerate the solar power adoption by homes and businesses, the company has launched Solar Rooftop Partner Program The leading tech company Redington Ltd recently...

The SIDM Champion Award 2022 goes to: CoreEL!

0
On Sep 27th 2022, the India-based tech-company CoreEL received the Society of Indian Defence Manufacturers (SIDM) Champion Awards 2022. Country's Raksha Mantri Shri Rajnath...

Important Sectors

PLI Scheme Can Help States Become Destinations For Electronics Manufacturing: MoS

0
The manufacturing plant has been set up under the Production Linked Incentive (PLI) scheme At the recent opening ceremony of Pegatron mobile manufacturing facility, the...

Redington’s Renewable Portfolio Enhanced With New Solar Program

0
To accelerate the solar power adoption by homes and businesses, the company has launched Solar Rooftop Partner Program The leading tech company Redington Ltd recently...

The SIDM Champion Award 2022 goes to: CoreEL!

0
On Sep 27th 2022, the India-based tech-company CoreEL received the Society of Indian Defence Manufacturers (SIDM) Champion Awards 2022. Country's Raksha Mantri Shri Rajnath...

Moxion Power Raises $100 Million; Plans To Scale Clean Energy Manufacturing

0
The company aims to meet the increasing demand for its mobile energy storage product lineup In its Series B funding round, the US-based Renewable Energy...

Silicon Labs’ New Address: Hyderabad

0
It is the company's largest global centre for engineering and wireless connectivity innovation Leading global IoT wireless technology company Silicon Labs recently inaugurated its new...

Manufacturing

PLI Scheme Can Help States Become Destinations For Electronics Manufacturing: MoS

0
The manufacturing plant has been set up under the Production Linked Incentive (PLI) scheme At the recent opening ceremony of Pegatron mobile manufacturing facility, the...

Redington’s Renewable Portfolio Enhanced With New Solar Program

0
To accelerate the solar power adoption by homes and businesses, the company has launched Solar Rooftop Partner Program The leading tech company Redington Ltd recently...

Moxion Power Raises $100 Million; Plans To Scale Clean Energy Manufacturing

0
The company aims to meet the increasing demand for its mobile energy storage product lineup In its Series B funding round, the US-based Renewable Energy...

Wind Power Brings Continuum And GE Renewable Energy Together

0
Commercial and industrial establishments will receive the wind power produced in the respective states As per a recent announcement, GE Renewable Energy is set to...

Apple Making iPhone 14 In India!

0
As per the latest reports, Apple has started manufacturing iPhone 14 in India. Foxconn’s Sriperumbudur facility situated on the outskirts of Chennai is the...