In its latest round of funding Bangalore-based electric scooter startup, Ather has raised $51 million. After investing $0.5 million in 2014, Flipkart co-founder Sachin Bansal has now invested $32 million in Ather. Hero MotoCorp has invested $19 million in the latest round along with InnoVen Capital that has contributed another $8 million.
Ather currently sells its scooters only in Bangalore and Chennai. However, the company plans to expand its operations to 30 cities by 2023 and expects demand to grow in the near future. It is also planning to set up a new manufacturing unit with an annual production capacity of 1 million units.
In addition to this, Ather is also planning to expand its public charging network called Ather Grid to over 6,500 stations across India in the next five years calling for an investment of Rs 130 crore. At the moment, the company operates with a combined 38 charging stations in Bangalore and Chennai.
Comments
0 comment