28 Oct 2016

Rishabh Tripathi

Hero Moto Corp Invests Rs 205 Crore In Ather Energy

Hero Moto Corp , India's largest two-wheeler manufacturer is investing Rs 205 Crore in Ather Energy, an electric automotive start-up . After the investment Hero will have upto 26%-30% stake in the start-up. Of the total va;lue of the investment Rs180 Crore have been invested and the rest of the amount will be released in tranches.


What Is Ather Energy ?

Ather energy is an Indian electric automation hardware start-up which is currently involved in designing and manufacturing of a smart electric scooter S340. The company plans to set up experience centers for experiencing the product, starting with the city of Bangalore. It will deviate from the conventional model of building dealerships across the city. It has announced an online-only purchase model for selling the product with doorstep delivery and service; and is setting up its manufacturing unit in Bangalore to commence production by the end of this year.


The Electric Scooter S340

The Ather S340 electric smart scooter has a 7 inch screen with a linux based dashboard through a 3G sim card which enables data transfer and updates . Its very similar to using a smartphone , you can create your user profile on the scooter, can access on board navigation , and switch between two modes sports and economy. There are various sensors in the scooters which sends information about the riding paatern like breaking , acceleration , mileage and efficiency to the clouds.

Ather was founded by IIT Madras graduates Tarun Mehta and Swapnil Jain . Funding from Hero is not the first it has achieved so far. Earlier in 2014 it received Rs 45 lakh from Technology Development Board . In December 2014 Sachin Bansal and Binny Bansal invested $ 1 million as the seed capital. In May 2015 it received US $ 12 Mn from Tiger Global for investments in development, testing, production and launch of the vehicle. The new round of funding from Hero will be used for manufacturing and designing future ready products and to set up and accelerate  infrastructure and ecosystem around electric vehicles in the country.