Ather Energy, a Bengaluru-based start-up, currently designing a smart electric two-wheeler, has received $12 million (around Rs 75 crore) in funding from Tiger Global. The company aims to use the funds for development, testing, production and launch of its first smart electric two-wheeler, the Ather S340. “We want to offer the Indian consumer a completely new driving experience by developing a product that would be at par with 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,” said Tarun Mehta, chief executive officer (CEO) and co-founder of Ather Energy. ALSO READ: Tiger Global exits Just Dial; sells stakes for over Rs 430 crore
Ather was incubated out of Indian Institute of Technology-Madras in 2013 by Mehta and Swapnil Jain. Subsequently, it shifted to Bengaluru.
Last year, it got $1 million in seed round from Flipkart founders Sachin Bansal and Binny Bansal, and Raju Venkatraman, a serial entrepreneur and Medall Healthcare CEO.
"We are impressed with Ather's vision of building smart electric vehicles that has a potential to revolutionise the driving experience. We see great potential in Ather's product offering and the technology and are confident that their maiden launch will attract tremendous positive response," said Lee Fixel from Tiger Global.ALSO READ: Perks of being a startup employee
The Ather-S340 will be powered by lithium-ion battery pack, featuring a touch-screen dashboard and light-weight aluminium chassis. It can offer a top speed of up to 75 kmph.
It is said to be the first electric scooter which has been completely designed and manufactured out of India.
Ather is currently at an advanced stage of integration on the vehicle platform and testing of the functional prototype. Ahead of October test rides, the company says it is seeing an increasing number of sign-ups for the same on their website. The scooter is expected to be launched in Bengaluru, Chennai and Delhi by early 2016.