Welcome Guest

Businessex.Com
Home News Flipkart invests $1 million in electric vehicle start-up Ather

Flipkart invests $1 million in electric vehicle start-up Ather

Tags: Ather, Flipkart, Binny Bansal, Sachin Bansal

December 03, 2014 | COMMENTS ( 0 )

Flipkart invests $1 million in electric vehicle start-up Ather

Ather, an electric vehicle start-up focused on designing high-speed electric two-wheelers for the Indian market, has raised funding from Flipkart founders Sachin and Binny Bansal.

This funding round also includes investment from Raju Venkatraman, serial entrepreneur and CEO of MEDALL.

Incubated and supported by the incubation cell at IIT Madras, Ather was started by Tarun Mehta and Swapnil Jain in 2013 with a mission to accelerate the adoption of electrical vehicles in India.

With a talented team of 15 engineers and designers, Ather's key focus area is to develop technology to manufacture the best electric vehicles for India. This round of funding will be primarily used for product development. Prior to this, Ather raised their first round of capital in February this year from Dr. V Srinivas (Founder, Aerospike) and the Technology Development Board, Government of India.

Tarun Mehta, Ather said, "We are very excited about this fresh round of funding. Sachin and Binny Bansal are leaders who have put India's e-commerce industry on the global map through disruptive use of technology.  Their focus on technology and reinvention aligns with that of Team Ather.  Electric vehicles are still at a very nascent stage in India and our aim is to develop and introduce efficient electric scooters which will benefit the country and help manage its resources more effectively. We are extremely confident about this product and this funding is a reinforcement of our belief."

Commenting on this funding, Sachin and Binny Bansal jointly said, "We believe that the world is moving towards a smarter, more energy-efficient and environment-friendly approach in our daily lives. Growing Indian start-ups like Ather are using technology successfully to make a mark in this field. We believe the team has the right vision and approach and will be successful in giving India the next generation of impactful, technology-enabled products that will change the way we live. We wish team Ather all the best for this project."

Ather used standardised documents designed by another start-up - termsheet.io, for this round.

Currently Ather is engaged in full-vehicle design and testing. The initial performance validation is over and manufacturing partners are currently being brought on-board. 

Please add your comment

Rating
Not readable? Change text.
Enter the characters as seen on the image (case insensitive)
  Notify me of followup comments via e-mail   Subscribe for daily newsletter

Other NEWS

Delhi based startup i2e1 raises $5,00,000

Delhi based startup i2e1 raises $5,...

December 10, 2015

Delhi-based i2e1, a smart network player platform which aims to provide low-cost and free internet to consumers and actionable ana....

Cab aggregators collaborate with state governments to boost entrepreneurship

Cab aggregators collaborate with st...

November 06, 2015

Ola and Uber, cab aggregators have signed agreements with Rajasthan government for skill development and creation of entrepreneuri....

Phase II of startup incubator T-Hub to be operational soon

Phase II of startup incubator T-Hub...

November 04, 2015

Telangana government is planning to expand T-Hub, its ambitious incubator programme, in its second phase with about Rs 150 crore i....

Sabse Technologies receives investment from Ratan Tata

Sabse Technologies receives investm...

November 04, 2015

Global telecom carrier, Sabse Technologies Inc, started by Hotmail Founder Sabeer Bhatia today announced that Tata Sons' Chairman ....

Mobile startup BlackNGreen seeks international expansion

Mobile startup BlackNGreen seeks in...

November 02, 2015

Buoyed by a strong demand for value added services, mobile startup BlackNGreen is eyeing revenue of Rs 350 crore in the next one y....

Startups seek better future under Hay Group's programme

Startups seek better future under H...

October 30, 2015

Global management consultancy, Hay Group will help 100 selected entrepreneurs transform their startups into successful companies o....

Quintype raises USD 3.25 million for product enhancement

Quintype raises USD 3.25 million fo...

October 27, 2015

Quintype, a data-driven publishing company raised USD 3.25 million to enhance product and business development. ....

Hospitality aggregator startup Qik Stay raises $250K

Hospitality aggregator startup Qik ...

October 27, 2015

Delhi-based Qik Stay, a hotel branding and aggregator startup, has raised $250K in seed round of funding from venture capital firm....

Milk Mantra targets a turnover of Rs 150 crore this fiscal

Milk Mantra targets a turnover of R...

October 26, 2015

Odisha-based startup dairy firm, Milk Mantra is targeting a turnover of Rs 150 crore this fiscal.....

Vista Rooms creates app on Instagram, targets tier II & III cities

Vista Rooms creates app on Instagra...

October 23, 2015

Mumbai-based online budget accommodation aggregator, Vista Rooms has created an app-like experience on Instagram where travellers ....

Jiyo Natural receives funding from Indian Angel Network

Jiyo Natural receives funding from ...

October 23, 2015

Indian Angel Network (IAN) has invested an undisclosed amount in Bengaluru-based consumer health food startup, Jiyo Natural.....

​​Vodoo raises USD 1 million from SAIF Partners

​​Vodoo raises USD 1 mi...

October 15, 2015

Deals and price comparison application, Vodoo has raised USD 1 million (around Rs 65 lakh) from SAIF Partners in a seed funding ro....

IBM launches public data centre in Chennai, partners with Nasscom to boost start ups

IBM launches public data centre in ...

October 15, 2015

Technology giant, IBM today launched public data centre in Chennai to tap into growing demand from financial services and governme....

For Nasscom, PPP will boost startups in India

For Nasscom, PPP will boost startup...

October 14, 2015

In the wake of some reservations over the central government creating startup funds, Nasscom's "10,000 startups" Vice President, R....

WalmartLabs to seek partnership with Indian startups

WalmartLabs to seek partnership wit...

October 14, 2015

WalmartLabs, the digital arm of US-based retailing major Walmart Stores, is scouting for startups in India for partnership and wor....