Bangalore-based startup Ather Energy has received $12 million in funding from the private equity fund Tiger Global. The company will use the new capital for development, testing, production and launch of the Ather S340, an electric two-wheeler.
“Ather Energy aims to build smart, connected electric vehicles of the future,” said CEO Tarun Mehta. “We want to offer the Indian consumer a completely new driving experience by developing a product that would be at par with any petrol or electric two-wheelers available in the market today. This investment will help us continue to evolve our product and scale it towards launch.”
Ather Energy was founded in 2014 by the creators of Flipkart, one of India’s biggest e-commerce companies.
The Ather S340 is a connected vehicle with a lithium-ion battery pack, an aluminum chassis and a touchscreen dashboard. The company says it’s 20 percent lighter than comparable gas scooters, and has a top speed of 75 kph. The new EV is scheduled for launch in Bangalore, Chennai and Delhi by early 2016.
“The S340 has been designed by Ather from the ground up, and will be the first electric scooter to be completely designed and manufactured in India. Some of the features in the smart dashboard will enable users to create personalized profiles, choose riding modes and set other ride preferences,” the company said.
Sources: The Hindu, TechCrunch