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Funding · Mobility & Logistics

Hero MotoCorp to invest up to ₹420 crore in Ather Energy

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Date
Company
Ather Energy
What it does
electric scooter manufacturer
Kind
Funding
Amount
₹420 Cr
Stage
late-stage
Based in
Bengaluru
Founded
2013
Sector
Mobility & Logistics

What they do

Ather Energy makes electric scooters and operates in India

What happened

Hero MotoCorp will invest up to ₹420 crore or $57 million in Ather Energy

Why it matters

Hero MotoCorp already holds a 34.8% stake in Ather Energy

The details

  • Hero MotoCorp has approved an investment of up to ₹420 crore or $57 million in Ather Energy.
  • The investment will be made in one or more tranches, according to a company statement.
  • Hero MotoCorp currently holds a 34.8% stake in Ather Energy on a fully diluted basis.
  • The company aims to expand its brand promise and make EV ownership more convenient for customers globally.
  • Ather Energy had previously received a loan of ₹130 crore from Hero FinCorp, an associate of Hero MotoCorp.

The bigger picture

  • Hero MotoCorp is the largest two-wheeler manufacturer in India and has been a key investor in Ather Energy since 2016.
  • Ather Energy launched its first electric scooter, the Ather S340, in Bengaluru in 2016.

About the business

  • Ather Energy is an electric scooter manufacturer based in Bengaluru, India.
  • The company focuses on creating efficient and intelligent vehicles for urban commuters.
  • It launched its first electric scooter, the Ather S340, in 2016.
  • Ather Energy aims to revolutionize urban mobility through electric vehicles and seamless integration of technology.

The deal

Type
funding

Investors

  • Hero MotoCorp (lead) — India's largest two-wheeler manufacturer and a key investor in Ather Energy.

Founders

  • Tarun Mehta, Fundraiser, morale keeper, and day-to-day organisation manager
  • Milind, Leads product development and concept evolution
  • Swapnil, Handles hardware, software, electronic, and mechanical aspects
  • Ravneet, Manages marketing, sales, after-sales, and AtherGrid
  • Sohil, Steers financial strategies
  • Harendra, Strengthens procurement strategy and supplier management
  • Sanjeev K., Leads manufacturing and drives transformation

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