Ather gets Rs. 75 cr investment for new electric 2-wheeler

Bangalore-based start-up Ather Energy, is currently designing a smart electric two-wheeler. The company has received funding of US $12 million (Rs 75.33 crore) from Tiger Global, a global investment firm. This is the second round of funding the company is receiving.

The funds will be used for development, testing, production and the launch of the Ather S340, the company's first electric two-wheeler.

The Ather-S340 is said to have been designed by Ather from ground-up and will be the first electric scooter to be completely designed & manufactured in India. It powered by lithium-Ion battery pack, featuring a digital touchscreen dashboard, has a light-weight aluminium chassis and offers a top speed of 75 kmph. Some of the features in the dashboard will enable users to create personalized profiles, choose riding modes and set other ride preferences. The S340 is a connected vehicle, which means that all vehicle data is constantly logged and monitored, enabling on-board diagnostics and issuing notifications for any maintenance.

Ather is currently at an advanced stage of integration on the vehicle platform and testing of the functional prototype. Test rides are scheduled for October this year and the Ather-S340 is planned for launch in Bangalore, Chennai and Delhi by early 2016.

Ather's first round of funding came in late 2014 from Sachin Bansal and Binny Bansal, founders of Flipkart, and Raju Venkatraman of Medall Healthcare. The company had received US $1 million which provided the initial impetus for its growth plans.