BENGALURU:
Hero MotoCorp
has converted its convertible debt of $19 million into equity as a part of this financing round.
Ather
has also picked up venture-debt of $8 million from InnoVen Capital, Bengaluru: After placing a large bet of close to $100 million on cab-hailing major Ola,
Flipkart co-founder
Sachin Bansal
is now repoit said in a statement.
“I have been following the journey of Ather for some time now, more than four years. I see the potential in the market sing his faith in electric scooter maker Ather, by leading a $51-million financing round. Bansal, who had backed Ather at the seed-stage now and how consumers love the product, which has given me the confidence to take a larger bet this time,” said Bansal, who has been on the company board for over four years.
With half a million dollars in 2014, has now put $32 million in the Bengaluru-based company, valuing it at around $400 million.
Ather did not comment on the valuation.
Ather co-founder and CEO
Tarun Mehta
said that the company will use the new capital for expansion and to strengthen its manufacturing capacity to deliver its e-bikes faster. Mehta added that the company is entering the Chennai market. Ather will also set up 6,500 Ather Grid fast-charging points across the country over the next five years with a projected investment of Rs 130 crore.
In a prepared statement, Ather added it is aiming to be in 30 cities by 2023. At present, it has 31 fast-charging points in Bengaluru and seven in Chennai.
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