Ather was incubated out of Indian Institute of Technology-Madras in 2013 by Tarun Mehta and Swapnil Jain. The company, which is currently designing an electric two-wheeler, said that the money raised will be used for development, testing, production and the launch of Ather’s first smart electric two-wheeler – the Ather S340.
“Ather Energy aims to build smart, connected electric vehicles of the future. We want to offer the Indian consumer a completely new driving experience by developing a product that would be at par with petrol or electric two-wheelers available in the market today. This investment will help us continue to evolve our product and scale it towards launch,” said Tarun Mehta, chief executive officer (CEO) and co-founder of Ather Energy.