Ather Energy Raises $51M

Electric vehicle maker Ather Energy on Wednesday raised US$51 million in funds. Here’s the break-up of who invested how much:

$32M – Sachin Bansal (Flipkart co-founder)
$19M  – Hero MotoCorp
$8M – InnoVen Capital

Currently, the company sells its electric scooters in Bengaluru and has recently entered Chennai. The company is also installing a public charging network called Ather Grid and expects to have 6,500 points across the country in the next 5 years, up from 38 it has presently.

The company is planning to expand to 30 cities by 2023 and will be setting up a manufacturing unit with 1 million units annual production capacity.