Bangalore: Bangalore based automotive startup, Ather Energy has raised Rs.76.34 crore in a new round of funding led by VC firm Tiger Global. Ather Energy will utilize the funds towards development, testing, production and the launch of Ather’s first two-wheeler - the Ather S340 in Bangalore, Chennai and Delhi by early 2016. Last year in December, Flipkart founders Sachin Bansal and Binny Bansal along with CEO of MEDALL, Raju Venkatraman had invested $1 million in the company.
Founded in 2013 by the duo from IIT Madras, Tarun Mehta and Swapnil Jain, Ather Energy is engaged in designing and selling of electric two wheelers. It also develops technology for manufacturing electric vehicles. Ather claims to have overcome the drawbacks offered by other e-bikes in the areas of performance, reliability, range of battery and charging time. The charging time of the Ather S340 would be less than one hour, which is very less when compared to the time that other electric bikes take. The bike can reach a top speed of 75 km/hr and a single charge would be sufficient to travel 60 km.
Ather consists of 45 members in the team with 35 full time and 10 freelancers which includes mechanical engineers, data scientists, computer scientists, electrical and electronics engineers.