Ather to raise funds for greenfield plant

Ather is planning to raise funds for its new electric two-wheeler plant. The
Hero Motocorp-backed electric vehicle (EV) maker will also use the money to set up charging infrastructure across the country and enter new cities.

Tarun Mehta, Co-founder & CEO, Ather Energy, was quoted as saying by Business Standard that the government has already moved the GST Council to lower GST on EVs to five per cent from 12 per cent. He further stated that the tax exemption on loans taken to buy these vehicles is a major boost for consumers to go for EVs.

Mehta, who expects the electric two-wheeler market to expand from around 1,50,000-1,80,000 units to over a million within the next two and a half years, added: “It (the tax exemption) addresses the concern of the upfront cost of purchasing electric vehicles.”

Ather is a start-up in the EV ecosystem that stands to benefit from the government’s push for e-mobility in the recent Budget. At present, the company sells two electric scooters – Ather 450 & Ather 340. “We may explore motorcycles, going forward, but not other segments like cars or three-wheelers,” Mehta added.

Founded in 2013 by IIT Madras alumni, Tarun Mehta and Swapnil Jain, Ather is currently backed by founders of Flipkart, Sachin Bansal and Binny Bansal, Hero Motocorp and Tiger Global.

Image Credit : assets.vccircle.com

Related Project : New Electric Two-Wheeler Plant

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