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Ather Energy, a maker of two-wheeled electric vehicles, recently received $11.21 million in funding, foreign media VCCircle reported.Last year, the company was supplemented by a $51 million C-round led by Flipkart co-founder Sachin Bansal.
The investor is Hero MotoCorp, India's largest maker of two-wheelers, and it is understood that the new investment will increase its stake in Ather Energy from 34.58 per cent to 38.57 per cent.Hero MotoCorp first invested in series B financing in 2016, taking a 26-30% stake in the company.
Ather Energy was established in 2013 by Arun Vinayak, Swapnil Jain and Tarun Mehta.The company wants to build India's first smart two-wheeled electric bicycle and its first public charging infrastructure.The company will roll out its products, known as Ather 450X, in the fourth quarter of this year and plans to roll them out in 20 cities by the end of next year.
The Ather 450X has a top speed of up to 80km/h and its lithium-ion battery packs, which come with a three-year warranty, have a large capacity, fast charging speeds and are waterproof and dust-proof enough to meet consumer demand.
Ather Energy also includes an interactive dashboard for the Ather 450X, a 7-inch capacitive touch screen that gives consumers an intelligent driving experience.
On the screen, the dashboard presents users with intuitive driving information to ensure their driving safety.The dashboard can also automatically control brightness, and its outer layer is also equipped with protective film, which can better protect its performance.As a result, users can use the dashboard normally whether it is sunny or rainy.
Ather Energy is also opening a new manufacturing plant in Tamil Nadu that will be able to produce 100, 000 electric bicycles a year, but it hopes to increase production to 500, 000.In addition, Ather Energy will set up charging stations across the country over the next five years to make life easier for users.
Tarun Mehta said that for the new round of financing, "Ather Energy" would be used to speed up the development of companies' products and invest in infrastructure.
The company is at a stage of rapid growth and, despite the impact of COVID-19 over the past few months, Ather Energy has not changed its expansion plan.