INSUBCONTINENT EXCLUSIVE:
Energy raised $51 million in a fresh round of funding, the startup said on Tuesday, at a time when rising pollution levels have prompted the
government to push for more electric vehicles on the road.Earlier this month, the government's leading think tank proposed electrifying
most motorbikes and scooters within the next six to eight years, a source with direct knowledge of the matter had told Reuters.Ather, which
raised the fresh round of funding from existing backers Hero MotoCorp, Flipkart founder Sachin Bansal and hedge fund and investment firm
Tiger Global Management, will use the money to scale itself up, Chief Executive Officer Tarun Mehta said in an interview."The government
intent towards electrification has changed the ecosystem from the supplier perspective," Mr Mehta said.Around 20 million motorbikes and
scooters are sold in India annually, clogging roads in Delhi, Mumbai and Bengaluru with some of the world's worst traffic and highest
levels of pollution.Prime Minister Narendra Modi's government has set a target of electric vehicles making up 30 per cent of new sales of
cars and two-wheelers by 2030, from less than 1 per cent currently.Other than Ather, Hero Electric, Twenty Two Motors and Okinawa currently
sell electric scooters in the country.Ather opened pre-orders for its flagship scooters last June
The company plans to hit a production capacity of 20,000 scooters annually by early 2020, CEO Mehta said.A source close to the matter said
the latest funding brought Ather's valuation to around $400 million
Mr Mehta declined to comment on valuation.
