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Flipkart founders invest $1 mn in electric vehicle start-up Ather

Flipkart founders invest $1 mn in electric vehicle start-up Ather

Ather was started by Tarun Mehta and Swapnil Jain in 2013 with a mission to accelerate the adoption of electrical vehicles in the country.

Flipkart CEO Sachin Bansal (left) with COO Binny Bansal. (PHOTO: Nilotpal Baruah/www.indiatodayimages.com) Flipkart CEO Sachin Bansal (left) with COO Binny Bansal. (PHOTO: Nilotpal Baruah/www.indiatodayimages.com)

Flipkart founders Sachin and Binny Bansal have invested $1 million (Rs 6.1 crore at $1 = Rs 61) in Ather, a start-up focused on designing high-speed electric two-wheelers for the Indian market.

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

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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 the country.

Ather said in a release in Bengaluru that with a talented team of 15 engineers and designers, its key focus area is to develop technology to manufacture the best electric vehicles.

This round of funding, the start-up said, 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 of Aerospike, and the Technology Development Board, Government of India.

Published on: Dec 03, 2014, 8:03 AM IST
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