Flipkart founders invest $1 million in Ather

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flipkartThe founders of Flipkart (Sachin Bansal and Binny Bansal) are in news again, as they have led an investment of $1 million in Ather,a Chennai-based startup that is into manufacturing of electric scooters. Ather’s seed round also include funding from Raju Venkatraman, the CEO of Medall(a healthcare co.)

 

This is not the first time the duo have invested in a  startup . They have  previously invested in Touchtalent, a marketplace for artists. Ather is currently developing high-speed electric scooters for the Indian market.

As per tech crunch, Sachin Bansal and Binny Bansal said, “We believe the world is moving towards a smarter, more energy-efficient and environment-friendly approach in our daily lives. Growing Indian startups like Ather are using technology successfully to make a mark in this field.Ather claims that their scooters are 20 percent lighter than petrol scooters and can go from zero to 60 kmph in 11 seconds, with a top speed of 75 kmph.The Flipkart founders’ interest in Ather comes at a promising time for the scooter market in India.According to the Times of India, the share that scooters take in India’s two-wheel vehicle market grew 25 percent in 2013 to 2014, compared to just 14 percent in 2007 to 2008. For a while, sales of scooters dipped as more riders turned to motorcycles, but now they are enjoying a revival because they are easier to navigate in heavy traffic and more fuel-efficient.

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Luv is the founder of MyVenture.in. He helps organisations and startups with their digital strategies. Believes in all things digital. He can be reached at luv@myventure.in

Luv Arora

Luv is the founder of MyVenture.in. He helps organisations and startups with their digital strategies. Believes in all things digital. He can be reached at luv@myventure.in

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