Hero MotoCorp currently holds maximum shares of Ather Energy at 37.84 percent followed by Sachin Bansal at 20.69 percent
Ather earlier this year has launched a new line of products including 450X and 450 Plus. A couple of weeks ago, the e-scooter brand discontinued the standard 450 after the last of its unit rolled out of the assembly line in September. The company is now back in the headlines as first phase of deliveries of the Ather 450X electric scooter has already started.
What’s more exciting is that customers who had booked their 450X in its initial stages after its launch at the start of this year, i.e., prior to 28 January 2020 will be eligible to upgrade their bookings to a limited-run 450X Series 1 Collector’s Edition at no extra cost. This special edition model of e-scooter comes with translucent body panels that reveal its cast aluminum chassis and trellis framework.
Expansion of Ather network
“Electric vehicles are here to stay and Ather Energy is playing a leading role in driving this change”, said Tarun Mehta, Co-founder and CEO, Ather Energy. He further went on to add that post the successful launch of its new product line, Ather is now looking forward to delivering the vehicles and seeing them across all cities.
The startup will be expanding its footprints to new centers across the country including Ahmedabad, Delhi, Pune, Mumbai, Coimbatore, Kochi, Kozhikode and Kolkata in coming days. The company also plans to install Ather Grid in each of the new places. Ather had initially started its operations in two cities- Bengaluru and Chennai.
Recently, the startup also revealed that it will be shifting its production base to Hosur in Tamil Nadu in order to meet the high prospective demands in coming years. This new manufacturing facility will be designed to roll out 1 million electric scooters every year.
Ather 450X details
Series 1 Collector’s Edition of 450X has already started shipping to dealers across the country, images of which have leaked online. The 450X is powered by a 2.6 kWh lithium-ion battery pack which is paired with an electric motor generating 6kW/28 Nm and can return a single-charge range of 116 km. It has been priced at Rs 1.59 lakh (ex-showroom).
Ather Energy, India’s first intelligent electric scooter manufacturer has received a fresh bout of investment amounting to $35 million which roughly translates to Rs 260 crore. In its latest round of Series D investment Sachin Bansal has invested a total of $23 million which when converted to INR translates to over Rs 170 crore.
Bansal has been backing the Bengaluru-based electric scooter startup since its inception in 2014 as an Angel investor when it contributed $0.5 million. The latest investment takes Bansal’s contribution towards Ather Energy to $53 million. The other major investment in the latest Series D was made by Hero MotoCorp in the form of $12 million (or INR 90 crore).