Indian Electric Scooter Start-Up Mobilizes US$1M with Support from USAID
Ather Energy is an electric vehicles start-up founded in 2013 by a team of young engineers based out of the India Institute of Technology, Madras. The company recently closed on a US$1M seed round of equity financing from several well-known Indian angel investors. For their first product, the company is building smart, electric scooters targeted at the upscale portion of the Indian market, with plans to launch ride-able prototypes in 2015. Shortly after incorporating, Ather joined USAID’s Private Financing Advisory Network-Asia (PFAN-Asia) through the 4th Asia Forum for Clean Energy Financing (AFCEF-4) Business Plan Competition where the company was selected as a semi-finalist. At AFCEF-4, Ather participated in a capacity building workshop and the main Investor Forum, allowing them to further refine their investment pitch as well as gain exposure to industry experts and investors.