Flipkart founders Sachin and Binny Bansal have invested $1 million (Rs 6.1 crore at $1 = Rs 61) in Ather, a start-up focused on designing high-speed electric two-wheelers for the Indian market.
This funding round also includes investment from Raju Venkatraman, serial entrepreneur and CEO of MEDALL, Ather said.
Incubated and supported by the Incubation Cell at IIT Madras, Ather was started by Tarun Mehta and Swapnil Jain in 2013 with a mission to accelerate the adoption of electrical vehicles in the country.
Ather said in a release in Bengaluru that with a talented team of 15 engineers and designers, its key focus area is to develop technology to manufacture the best electric vehicles.
This round of funding, the start-up said, will be primarily used for product development.
Prior to this, Ather raised their first round of capital in February this year from Dr V Srinivas, founder of Aerospike, and the Technology Development Board, Government of India.