Sachin Bansal funds $51 Mn to Ather energy
2019-06-01The time is coming where there will be less dependency on the petrol and diesel with the electric vehicles are coming up. Ather energy makes it’s efforts to produce EV manufacturing play and had launched its first electric scooter and fast charging stations within last year itself. As the electric vehicle industry is at its peak and one of the most lucrative space for investors, Sachin Bansal has invested in the startup again.
Initially, both Binny and Sachin Bansal have invested the startup since its initial angel rounds and invested $0.5 million in Ather energy. Other investors including Hero MotoCorp and Tiger Global had also invested in the startup .
Ather Energy has secured $51 million in the Series D round and this investment has been led by Sachin Bansal with a $32 million investment.
Another interesting investment by Sachin Bansal in Bounce and Vogo – two scooter sharing applications that could go on to essentially benefit from his increasing stake in Ather Energy as it can be the new supplier for electric scooters that are shared on these platforms.
Ather energy will use the investment to double down on its production capacity and increase the units manufactured to 25,000 in a year. It is also looking to expand the business into 3-4 more cities in the near future and 30 cities by the end of 2023. Chennai expansion has already been done and the pre-orders will start getting registered in upcoming weeks.
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