Rajshree Upadhyaya | Business Remedies | March 16, 2025 | Tarun Mehta’s journey from an IIT Madras graduate to the driving force behind Ather Energy is a testament to the vision, perseverance, and unwavering belief in the future of electric mobility. Along with his co-founder, Swapnil Jain, he embarked on a mission in 2013 to redefine India’s electric vehicle industry by creating electric scooters and building intelligent, high-performance machines that could revolutionize urban transportation. Their belief in innovation and smart technology led to the foundation of Ather Energy, an ambitious startup that quickly caught the attention of investors and industry leaders.
The early days were filled with challenges, but securing Rs.4.5 million in funding from the Technology Development Board and IIT Madras gave them the initial push. It was in December 2014 when Flipkart founders Sachin Bansal and Binny Bansal stepped in with a $1 million seed investment, catapulting Ather into a new research and development phase. By mid-2015, the momentum continued with a $12 million investment from Tiger Global, allowing the company to focus on rigorous testing and laying the foundation for its first-ever product, which would soon redefine the electric scooter market in India.
The breakthrough moment came on February 23, 2016, when Ather Energy unveiled the S340, India’s first smart electric scooter, at the Surge Technology Conference in Bengaluru. Unlike traditional electric two-wheelers, the S340 was designed with a digital touchscreen dashboard, a lightweight aluminum chassis, and a fast-charging lithium-ion battery capable of reaching 90% charge in under an hour. With a top speed of 75 km/h, it was a significant leap forward, proving that electric scooters could be sleek, powerful, and technologically advanced. This launch positioned Ather as a game-changer in the EV landscape, setting it apart from existing players.
As Ather gained recognition, major investors lined up, further fueling its expansion. Hero MotoCorp became a strategic investor in 2016, injecting Rs.130 crore in 2018 and participating in multiple funding rounds. By 2019, Sachin Bansal contributed another Rs. 32 million in a Rs.51 million funding round, reaffirming his faith in Ather’s potential. The real turning point, however, came in December 2019 when Ather signed an MoU with the Tamil Nadu government to set up a Rs.635 crore manufacturing plant in Hosur, paving the way for large-scale production and nationwide expansion.
Under Tarun Mehta’s leadership, Ather Energy continued to push the boundaries of innovation. In January 2020, the company innovated 450 Plus, featuring improved battery technology and cutting-edge features for a wider consumer base. Addressing concerns about charging infrastructure, Ather introduced Ather Grid, a robust network of fast-charging stations across major cities. This initiative ensures convenience for EV users, reinforcing the brand’s commitment to a seamless and sustainable electric future.
With growing demand and investor confidence, Ather Energy took a major step towards its next milestone by filing a Draft Red Herring Prospectus (DRHP) with SEBI in September 2024, gearing up for a INR 4,500 crore IPO, valuing the company at $2.5 billion. The company’s revenue had already surged to INR 1,806 crore in FY23, reflecting its dominant presence in the EV market. Funding continued to pour in, with a $50 million investment led by Caladium Investment Pte Ltd in October 2022, followed by a INR 1,000 crore infusion from Hero MotoCorp in September 2023, cementing Ather’s position as an industry leader.
Beyond numbers and valuations, Tarun Mehta’s influence extends beyond the corporate sphere. A vocal advocate for sustainable mobility solutions, he has consistently championed government incentives and policies that encourage EV adoption. His vision for clean transportation is not just about Ather’s success but about shaping the future of urban mobility in India. With every innovation and milestone, he continues to inspire a shift toward sustainability, ensuring that Ather Energy remains at the forefront of the EV revolution, setting benchmarks for others to follow.
