To promote sustainable mobility, everyone needs to think about alternative sources of energy and fuel. The day is not far when our sources like fossil fuels would have run their path and leaves the vehicle forever.
And the day is also not far when we run electric vehicles. Viewing this, Flipkart was come out to support a Start-up with its investment of USD 1 million, which aim at manufacturing smart, electric scooters. And now the globally renowned automotive company The Hero MotoCorp holds a hand of this venture this time.
Ather Energy is the brainchild of IIT Madras graduates Tarun Mehta and Swapnil Jain, who started working together in 2013, with an aim to encourage people to have electric vehicles in the country. On the other hand, The Hero MotoCorp Board has approved an investment of 205crore in a couple of tranches with a view to holding approximately 26percent-30 percent shares in Ather Energy Pvt Ltd.
Funding of Hero MotoCorp is a strong validation of our product roadmap: Mehta
Hero called this a strategic investment. The investment will be subject to the carrying out of agreements of pre-set conditions from Ather Energy. The investment will be used specifically to focus on product and design and strategy.
Tarun Mehta, CEO, and co-founder, Ather Energy Pvt Ltd. Said “The funding is a strong validation of our product roadmap and technological, capability, support by the globally leading automotive players. We believe smart, connected electric vehicles are the future and India will be played a great role in manufacturing these vehicles.
Hero is ready to adopt environment-friendly fuel
On the other hand, Hero MotoCorp has clearly mentioned in its letter to the listing department of the National Stock Exchange that the adoption of environment-friendly fuel is a priority of the Company along with sustainable manufacturing practices as well. It is worth mentioning here that last year in May.
The company Ather Energy had got a funding of USD 12 million from Tiger Global, which was used in research and developed of the Ather S340, the first electric scooter to have been completely developed in Homeland. The vehicle has a top speed of 75 km/h and now the s340 is in its final stage of testing.