Ather Energy, a Bengaluru-based startup that designs electric two-wheelers, has received a funding of $12 million from Tiger Global on Friday. The company plans to use the funds for development, testing, production and the launch of Ather’s first electric two-wheeler — the Ather S340.
Incubated in 2013, Ather is the brainchild of IIT-Madras graduates Tarun Mehta and Swapnil Jain. “We want to offer the Indian consumer a completely new driving experience by developing a product that would be on a par with any petrol or electric two-wheeler available in the market today. This investment will help us continue to evolve our product and scale it towards launch,” Tarun Mehta, CEO and co-founder of Ather Energy, said.
In November last year, Ather received its seed fund of $1 million from Sachin Bansal and Binny Bansal, founders of Flipkart, and Raju Venkatraman of Medall Healthcare, which provided the initial impetus for Ather’s growth plans.
The Ather-S340 is a connected vehicle powered by a lithium-ion battery pack, featuring a digital touchscreen dashboard, with light-weight aluminium chassis and offering a top speed of 75 kmph.
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