IIT-IIM alumnus founded Ather Energy in 2013, with a belief that 'electric vehicles were inevitable.'
The creators of Ather Energy, an electric vehicle (EV) startup with headquarters in Bengaluru: Tarun Mehta and Swapnil Jain. After completing their studies at the Indian Institute of Technology Madras, the two batch mates founded Ather Energy in 2013, certain that "electric vehicles were inevitable." Their business is currently worth an astounding $800 million.
Mehta started his career with Ashok Leyland as a Deputy Manager after earning a Dual Degree in Engineering Design from IIT Madras. Afterwards, he started his own business. Mehta worked as a college intern at BHEL and Mercedes-Benz.
Jain obtained his integrated Master of Technology in Engineering Design. He is also an IIT Madras alumni. Before founding Ather with his college friend Mehta, he worked for a short while as an intern at BHEL and General Motors. As a team, they are driving India's shift to environmentally friendly transportation.
The electric scooter market has transformed thanks to Mehta and Jain. Though the business had a sleek prototype available as early as two years before they intended to launch their first scooter, they chose to start from scratch with the scooter's design and engineering, which caused delays. It was difficult to find people who had enough experience with developing new products or electric cars, according to Jain. Nonetheless, the business has advanced significantly, assembling a potent team, and is currently valued at close to $850 million.
In September 2023, Ather raised Rs 900 crore ($108 million) in funding from two-wheeler major Hero MotoCorp and Singaporean sovereign wealth fund GIC. Hero MotoCorp had signed an agreement to pump in Rs 550 crore in Ather as a part of the round.
In May 2022, Ather raised $128 million in its Series E round at a valuation of $750 million. However, the company’s latest valuation couldn’t be ascertained.
CEO Mehta of Ather Energy states that the company has raised between $170 and $180 million in total up to this point, with the most recent fundraising round in October valuing the business at approximately $800 million. Ather Energy is expected to reach $1 billion in revenue by the end of 2023, having already generated over Rs 2,000 crore ($300 million) in income in January.
According to Inc42’s Founder Remuneration Tracker FY23, the annual remuneration of Tarun Mehta and Swapnil Jain is Rs 2 crore in 2023.
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