Post the investment, the shareholding will increase and the exact shareholding will be determined upon completion of capital raise round by Ather
Electric two-wheeler startup Ather Energy has bagged an investment of Rs 420 crore from homegrown two-wheeler giant Hero MotoCorp.
Hero MotoCorp has an early investor in Ather Energy, having been involved with it since 2016. The company is also exploring collaborations with Ather Energy in various spheres, such as charging infrastructure, technology and sourcing.
Prior to the proposed investment, Hero MotoCorp’s shareholding in Ather Energy was 34.8 percent. Post the investment, the shareholding will increase and the exact shareholding will be determined upon completion of capital raise round by Ather.
Hero’s board has approved the investment in one or more tranches.
“We were one of the early investors in Ather Energy and have continued to expand our association over the years. We are excited to see the growth of Ather Energy in recent years. Our aim is to expand the Hero MotoCorp brand promise and make EV ownership a convenient, hassle-free, and rewarding experience for customers across the world,” Swadesh Srivastava, Head – Emerging Mobility Business Unit at Hero MotoCorp said.
Meanwhile, Hero is gearing up to unveil its first EV in March this year. The vehicle is being developed at the company’s R&D set-up – the Center of Innovation and Technology (CIT) in Jaipur and the Tech Center Germany (TGG) near Munich – and will be produced at the company’s manufacturing facility at Chittoor in the southern Indian state of Andhra Pradesh.
“Through its investments and partnerships with external partners like Ather Energy and Gogoro Inc., Hero MotoCorp is also working towards building the entire EV ecosystem – from products to technology, to sales, service, customer care, operations, and innovation,” the company said in a filing.
