Hero MotoCorp-backed electric two-wheeler maker Ather Energy on Saturday said it has raised funds worth $35 million in a funding round led by Flipkart co-founder Sachin Bansal’s investment of $23 million.
Besides Bansal, Hero MotoCorp has invested $12 million as part of the Series D round in the EV start-up.
This round of investment will allow Ather Energy to accelerate its expansion plans and speed up the deliveries of its electric scooter, Ather 450X, the Bangalore-based start-up said.
Ather Energy was one of the earliest start-up investments of Bansal, who chipped in as an angel investor with $0.5 million in the firm in 2014. With this round, Bansal’s total investment in the start-up stands at $53 million.
The continued investment by the existing investors is a manifestation of their confidence in the brand and the sector, the release said.