Many IIT graduates started their own companies after working in big corporate firms. They acquired knowledge, gained experience and then began their entrepreneurship journey. In this article, we will tell you the story of two such IIT alumni who collaborated and started their company in 2013. Their 11-year-old company has now become India's latest unicorn. They are Tarun Mehta and Swapnil Jain, both IIT Madras alumni. They founded electric two-wheeler manufacturer, Ather Energy, whose valuation has now reached USD 1.3 billion (Rs 10910 crore).
The company has secured USD 71 million (Rs 590 crore) in a new funding round led by its existing investor, the National Investment and Infrastructure Fund (NIIF). After the new funding, the valuation climbed to USD 1.3 billion, making it a unicorn startup, Moneycontrol reported. For the unversed, a unicorn is a privately held company valued at or above USD 1 billion. Ather Energy has sold over 1.73 lakh electric scooters to date. It is backed by HeroMoto Corp, Tiger Global and GIC.
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Who are Tarun Mehta and Swapnil Jain?
Tarun Mehta graduated from IIT Madras with a degree in Engineering Design (Dual Degree 2012). Along with his fellow student Swapnil Jain, he started ‘Ather Energy in April 2013. Tarun serves as the Chief Executive Officer (CEO) of the company, while Swapnil is the Chief Technology Officer (CTO). Swapnil also holds an Engineering Design degree from IIT Madras.
The two were listed on the Forbes 30 under 30 in 2018 and Fortune 40 under 40 list in 2017 and 2019 for innovative product that is disrupting product that is disrupting the Indian auto industry. Tarun quit his job at Ashok Leyland in 2012 to start work on battery packs.
As CEO at Ather, Tarun drives the strategic thinking for the company while being involved with the close-knit Ather team in reviewing every aspect of the vehicle development. On the other hand, Swapnil works on both the long-term technology roadmap for Ather, as well as the day-to-day aspects of creating a top-notch engineering team and culture.
