Tesla Inc.’s former India coverage chief is becoming a member of homegrown electrical scooter startup Ather Energy Pvt, one of many best-funded fledgling companies in a sector attracting file funding.
Manuj Khurana, who give up his publish as Tesla’s native head of coverage and enterprise growth in June, will begin subsequent week on the agency primarily based within the southern know-how hub of Bangalore, an individual with data of the matter advised Bloomberg News. Khurana will be part of as a vp, although his particular function there may be unclear, the particular person mentioned, declining to be named because the matter isn’t public.
Ather, which competes with native rivals together with Ola Electric, this 12 months raised $128 million from buyers together with Hero MotoCorp Ltd. and India’s National Investment & Infrastructure Fund. It’s certainly one of a number of gamers vying for a slice of a market anticipated to surpass $150 billion by the top of the last decade — roughly 400 instances its present measurement.
Representatives for the startup didn’t instantly reply to a request for remark.
Indian customers are anticipated to gravitate towards electrical automobiles because the nation combats among the world’s worst air pollution. Venture capital and personal fairness funding in Indian electrical mobility companies is on monitor to exceed $1 billion for the primary time in 2022 as gross sales rise steadily, in keeping with Bloomberg New Energy Finance.
Khurana had joined Tesla in March 2021. The US electrical automaker, run by billionaire Elon Musk, has confronted a raft of challenges in India over import taxes and an area manufacturing facility. It’s sought decrease levies in India so it could possibly take a look at the market by promoting cheaper imported electrical automobiles earlier than committing to a producing base of its personal.
–With help from Ragini Saxena.