Ather Energy, a Bangalore, India-based smart electric two-wheeler startup, raised $27M in Series B financing.
The round was led by Hero MotoCorp, which acquired a 26-30% stake in Ather.
The company intends to use the funds to build a future-ready product platform, and to accelerate the infrastructure and ecosystem development around electric vehicles in the country.
Co-founded by Tarun Mehta, CEO, and Swapnil Jain, Ather Energy is building the S340, a smart, electric scooter with a Lithium ion battery pack, top speed of 72 kmph and a range of 60 km. Completely designed and made In India, the vehicle features intelligence which enables on board navigation, pre-emptive diagnostics, remote configuration and personalized ride profiles through a touchscreen dashboard and mobile app.
The company, which has a team of about 150 employees, is also backed by Tiger Global, and Sachin and Binny Bansal, promoters of Flipkart, in their personal