Flipkart founders Sachin and Binny Bansal have invested ₹6.1 crore ($1million) in Ather, an electric vehicle start-up incubated and supported by the Incubation Cell at IIT Madras.
Ather, which designs high-speed electric two wheelers aimed at the Indian market, also received investment from Raju Venkatraman, serial entrepreneur and CEO of MEDALL, in the current round of funding.
Started by Tarun Mehta and Swapnil Jain in 2013, Ather aims to accelerate the adoption of electrical vehicles in the country. The brand said that a team of 15 engineers and designers are currently developing technology to manufacture the most appropriate electric vehicles for the market.
The first round of funding, in February this year, saw investment from Dr V Srinivas, founder of Aerospike, and the Technology Development Board, Government of India.
India currently has many players in the market for electric two-wheelers, including Hero Electric, part of the Hero Motors group and South-based Ampere Motors, among others. However, the limited range offered by the batteries have stifled wider adaptability.
Advances in lithium-ion battery technology is expected to filter down to electric two-wheelers and make them a mainstream and competitive alternative to their gas-powered versions.
