Who are Tarun Mehta and Swapnil Jain? The founders of newest unicorn Ather Energy

Tarun Mehta and Swapnil Jain, both alumni of IIT Madras, are the founders of Ather Energy, an electric two-wheeler company that has recently become a unicorn. Their company, founded in 2013, is now valued at about USD 1.3 billion (Rs 10,910 crore).

About the Founders: Tarun Mehta and Swapnil Jain

Tarun Mehta: Background and Role

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Tarun Mehta graduated from IIT Madras with a dual degree in Engineering Design in 2012. He left his job at Ashok Leyland to focus on developing battery packs and co-founded Ather Energy with Swapnil Jain in April 2013. As the Chief Executive Officer (CEO) of Ather Energy, Tarun Mehta leads the company’s strategic direction and works closely with his team to ensure high standards in vehicle development.

Swapnil Jain: Background and Contributions

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Swapnil Jain, who also graduated from IIT Madras with a degree in Engineering Design, is the Chief Technology Officer (CTO) at Ather Energy. Swapnil plays a key role in establishing the company’s technology strategy and managing daily operations to build a strong engineering team and culture. His contributions are vital to Ather Energy’s success and innovation.

Achievements and Recognition

Tarun Mehta and Swapnil Jain have gained recognition for their achievements. They were featured on the Forbes 30 Under 30 list in 2018 and the Fortune 40 Under 40 list in 2017 and 2019. Their innovative work in electric vehicles has made a significant impact on the Indian auto industry, establishing Ather Energy as a major player in sustainable transportation.

Ather Energy’s Journey to Unicorn Status

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Ather’s founders, Tarun Mehta and Swapnil Jain, began their research on lithium-ion batteries while at IIT Madras. Frustrated with the quickly degrading batteries in electric scooters, they aimed to develop a better solution. After college, Mehta worked at Ashok Leyland and Jain at General Motors. However, they both left their jobs in 2013 to focus on creating a new lithium battery for electric scooters. Their old college, IIT Madras, supported them with a Rs 5 lakh research grant, and later, V Srinivasan, an IIT Madras alumnus and founder of the big data firm Aerospike, also backed their venture.

Ather Energy is among the top four electric scooter manufacturers in India along with Ola Electric, TVS and Bajaj Auto, and has grown rapidly in the electric vehicle market. According to an Economic Times report, the company recently raised USD 71 million (Rs 587 crore) in a new funding round led by the National Investment and Infrastructure Fund (NIIF). This new investment has boosted Ather Energy’s valuation to USD 1.3 billion, officially making it a unicorn startup. A unicorn is a privately held company valued at over USD 1 billion. So far, Ather Energy has sold more than 1.73 lakh electric scooters and is supported by major investors like Hero MotoCorp, Tiger Global, and GIC. Ather Energy reported a consolidated revenue of Rs 1,753 crore for the financial year 2024, which was 1.7 percent lower compared to the previous year.

Previous key funding rounds:

Since the end of 2023, Ather Energy has been securing multiple rounds of funding.

• In May 2024, Ather raised Rs 286 crore ($34 million) through a combination of debt and equity, mainly from venture debt and co-founders.
• Stride Ventures invested nearly Rs 200 crore through debentures.
• Co-founders Tarun Sanjay Mehta and Swapnil Jain each contributed Rs 43.28 crore through Series F preference shares.
• In September 2023, Hero MotoCorp, an existing shareholder, announced it would invest Rs 550 crore in Ather Energy.
• In October 2022, Ather Energy raised $50 million (Rs 419 crore) in equity funding, led by Caladium Investment Pte Ltd and supported by Herald Square Ventures, backed by Navam Capital.

The story of Tarun Mehta and Swapnil Jain, from their time as IIT Madras graduates to becoming founders of Ather Energy, highlights their entrepreneurial spirit and commitment. Their company’s rise to unicorn status reflects their vision and dedication in transforming the electric scooter market in India.