Tiger Global invests $12m in Flipkart founders-backed electric vehicle start-up Ather Energy

ather logoAther Energy, a Bengaluru-based start-up, currently designing a smart electric two-wheeler, has received $12 million (around Rs 75 crore) in funding from Tiger Global.

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-electric-scooter“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.

Ather says its e-bikes, completely designed and manufactured in India, can match any 100 cc scooter in the market in performance, reliability, range of battery and charging time. Its product—the Ather S340—will have sensors to monitor bike parameters and a dashboard to enable users create personalized profiles, choose riding modes and set other ride preferences.
Lee Fixel of Tiger Global said, “We are impressed with Ather’s vision of building smart electric vehicles that has a potential to revolutionize the driving experience.”
electric scooter“This investment will help us continue to evolve our product and scale it towards launch. We are very excited with the interest shown by Tiger Global and all our investors,” Ather Energy CEO and co-founder Tarun Mehta said.
Ather had previously raised $1 million from Flipkart’s founders Sachin Bansal and Binny Bansal. Prior to that, its investors included V Srinivasan, founder of Silicon Valley popular database company Aerospike, and the Indian government’s Technology Development Board.
Ather is currently at an advanced stage of integration on the vehicle platform and testing of the functional prototype. Test rides are scheduled for October this year and the company claims to be seeing an increasing number of sign-ups for the same on their website. The AtherS340 is planned for launch in Bangalore, Chennai and Delhi by early 2016.2016

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