It is a tale of innovation, commitment, and vision that now ripples through the tech industry in India. Indian Institute of Technology (IIT) graduates are widely known for their intellectual prowess and contributions to the technological world. Their innate ability to innovate and lead cutting-edge developments has carved out a noteworthy niche in global advancements. This reputation is epitomized by the story of two IIT Madras alumni, Tarun Mehta and Swapnil Jain, who in 2013 established Ather Energy, a pioneering Indian electric mobility firm currently valued at approximately $800 million or around 6678 crore INR.
Tarun, armed with a Dual Degree in Engineering Design from IIT Madras, spent his collegiate internship period at prestigious organizations such as Mercedes Benz and Bharat Heavy Electricals Limited (BHEL). His professional trajectory commenced at Ashok Leyland where he was a Deputy Manager, setting the stage for him to later spearhead Ather Energy as its CEO. His fellow co-founder, Swapnil Jain, also boasts a sturdy academic background from IIT Madras with an integrated Master of Technology in Engineering Design. Before joining forces with Tarun to revolutionize the electric vehicle (EV) scene, Swapnil honed his skills with internships at General Motors and BHEL.
Together, they embarked on a journey marked by keen foresight into the nascent EV sector. A sleek prototype was prepared two years in advance of their plan to launch Ather’s inaugural scooter. However, the duo decided to re-engineer and redesign the prototype from the ground up, a decision that, while delaying progress, showcased their unwavering commitment to excellence. Swapnil highlighted a major obstacle during this process – the difficulty in finding individuals with enough experience in developing new products, especially in the electric vehicle segment.
Despite the initial hurdles, Tarun and Swapnil’s relentless efforts paid off. The enterprise experienced extraordinary growth, assembling an adept team that has since altered the landscape of the electric scooter industry. This team’s innovation, coupled with a robust vision for the future of sustainable transportation, has led Ather Energy to be at the forefront of the EV revolution in India.
Notably, in September 2023, Ather Energy bolstered its financial standing by securing Rs 900 crore in funding from Hero MotoCorp, a two-wheeler behemoth, and the Singaporean sovereign wealth fund, GIC. This surge of capital adds to a series of successful fundraising efforts by the company, with the round in October 2022 raising between $170 and $180 million, culminating in an impressive valuation of $800 million.
The commendable financial health of Ather Energy also reflects in the remuneration of its leading men. In 2023, the Inc42’s Founder Remuneration Tracker FY23 revealed that the annual compensation for both Tarun Mehta and Swapnil Jain stood at a whopping Rs 2 crore.
Ather Energy’s journey from an IIT-based startup dream to a prominent electric mobility company underscores the incredible potential of electric vehicles in India and globally. The dedication, ingenuity, and expertise displayed by Tarun and Swapnil are emblematic of the pervasive spirit of innovation that IIT graduates continue to infuse into the technological sphere.
As Ather Energy rides on to further electrify the Indian roads, the narrative of these two IIT graduates serves as a source of inspiration. It shines as a beacon to young entrepreneurs, ready to lead India into a sustainable and electrified future.
The door to connectivity and staying informed about such ventures is wide open as the DNA app, where stories like this are shared, is available for download on the Google Play Store. Users are encouraged to join the conversation and share their feedback on this groundbreaking electric mobility voyage that defies the conventional, one scooter at a time.
