IIT Madras graduates Tarun Mehta and Swapnil Jain founded an Indian electric mobility firm, Ather Energy in 2013 which has a valuation of around $800 million (approx 6678 crore).
IIT graduates are renowned as some of the brightest minds in India, making significant contributions to the tech industry. Their exceptional talent and innovative thinking have paved the way for groundbreaking developments in technology. Such is the story of IIT Madras graduates Tarun Mehta and Swapnil Jain who founded an Indian electric mobility firm, Ather Energy in 2013 which has a valuation of around $800 million (approx 6678 crore).
Taurn holds a Dual Degree in Engineering Design from IIT Madras. During his college days, he interned at Mercedes Benz and BHEL. Before diving into an entrepreneurial journey, Tarun was posted as Deputy Manager in Ashok Leyland.
Whereas, Swapnil pursued his integrated Master of Technology in Engineering Design from the same college. Before Swanil could join his college friend Tarun to start Ather, he gained experience by interning at General Motors and BHEL.
Recognizing the immense potential for growth in the EV sector, the company had a sleek prototype ready two years before they planned to release their first scooter. But they chose to start from scratch to re-engineer and redesign the scooter, which slowed progress. According to Swapnil, they faced a significant challenge in finding people who possessed enough experience with developing new products or electric vehicles.
Over the years, the business witnessed remarkable growth, successfully assembling a strong team that went on to revolutionise the industry of electric scooters.
In September 2023, Ather Energy also secured Rs 900 crore in funding from two-wheeler giant Hero MotoCorp and Singaporean sovereign wealth fund GIC.
Earlier, The CEO of Ather Energy, Tarun Mehta said that the company has raised between $170 and $180 million in total, with the fundraising round in October 2022 valuing the business at approximately $800 million.
As per the Inc42’s Founder Remuneration Tracker FY23, the annual remuneration of Tarun Mehta and Swapnil Jain is Rs 2 crore in 2023.
The DNA app is now available for download on the Google Play Store. Please download the app and share your feedback with us.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "Ather Energy")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}