US based Tiger Global have invested $12 million in Bangalore based e-bike venture Ather Energy. The startup which is currently designing an electric two-wheeler said the raised investment will be used for product development, testing, production and the launch of Ather’s first electric two-wheeler namely ‘Ather S340’.
Their first product Ather S340 is a connected vehicle 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. The two wheeler launch has been planned by early 2016 in Bangalore, Chennai and Delhi, as reported by The Hindu.
Founded by Tarun Mehta and Swapnil Jain in 2013, the startup raised its first seed round of $1 million in December 2014 from Flipkart founders Sachin Bansal and Binny Bansal and Raju Venkatraman of Medall Healthcare.
“Ather Energy aims to build smart, connected electric vehicles of the future. 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. We are very excited with the interest shown by Tiger Global and all our investors,” said Tarun Mehta, CEO and co-founder of Ather Energy.
As the company claims the scooter will be first electric two wheeler completely designed and manufactured in India. Some of the features in the smart dashboard will enable the users to create personalized profiles, choose riding modes and set other ride preferences.
Since the beginning of 2015 Tiger Global has been very rigorously investing in Indian startups across various segments such as eCommerce, mobile, logistics, automobile etc. Within five months it has invested in more than 17 companies with each round of investment being more than $5 million.