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Old 3rd December 2014, 15:59   #1
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Default Flipkart founders invest $1 million in an EV start-up

Sachin and Binny Bansal, founders of e-commerce website Flipkart.com have just invested in an electric vehicle start up named Ather. Based out of the incubation cell of IIT Madras, Ather focuses on developing electric two wheelers. The group has received an investment of $1 million.

Dr V Srinivas, founder of Aerospike along with the Technology Development Board, Government of India contributed to the first round of capital generation. Along with the Flipkart founders, this funding round also includes an investment from Raju Venkatraman, MD & CEO of Medall Healthcare.

Ather says they've built their own chassis, suspensions, lithium ion battery packs, battery management systems and body works. Started by Tarun Mehta and Swapnil Jain in 2013, Ather will use this round of capital primarily for product development.

The group has already built prototypes of their first vehicle, an E-scooter. The official site reveals a few details about the product. Claims include a one hour time span for an 80% battery charge, navigation enabled dashboard, a top speed of 75 km/h and a 0-60 km/h time of 11 seconds. The scooter's battery is also expected to have a 50,000 km life and a kerb weight of 15 kgs. Ather is expected to offer test rides of their product in Chennai & Bangalore after a few months. Full-fledged sales will have to wait for at least another year.

Source: Economic Times

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Last edited by Tushar : 3rd December 2014 at 16:01.
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