Swapnil Jain and Tarun Mehta, both IITians founded a startup in Bangalore called Ather Energy back in 2013. Earlier this year, they unveiled their first product under this startup, called Ather S340.
Ather today announced its latest round of fund-raising. the ‘Series B’ financing round has helped raise $27M to persist with engineering and production work for S340 and to build a permeable charging infrastructure. The primary investor in this round was Hero MotoCorp, a traditionally renowned two wheeler company invested largely in petrol vehicles. Ather’s investors have been wide ranging but this is the first time an automobile bigwig has invested.
Hero comprehends the future need of vehicles that is bound to change the way the industry works at present. While the auto industry is highly evolved, a new company like Ather can benefit from Hero’s interest. Both Ather and Hero have distinct approaches. As the industry continues to grow, start-ups like Ather bring forth change. With the latest cash inflow, Ather continue to march towards its vision to build India’s largest EV company.
Ather S340 is an electric scooter which is made in India. Ather S340 stands for S – Scooter, 3 – 3kW motor, 40 – 40 amp-hour battery pack. Ather S340 electric scooter is designed for the young generation of two wheeler buyers who conscious about the environment and carbon footprint they leave behind.
Built on a lightweight aluminium chassis, Ather S340 features a fully digital touchscreen as an instrument panel, smart LED lights, alloy wheels, tubeless tyres, disc brakes, comfortable seating for two adults, and enough storage space. It has a driving range of 60 kms and a top speed of 72 kmph.
To be launched later this year, this project is also backed by Tiger Global, who invested US $12 million (INR 75.33 crore) in Ather Energy last year. This investment was made mainly to get the prototypes into testing and then into the production phase.