Stake sale · Mobility & Logistics
Hero MotoCorp buys 3% stake in Ather Energy for ₹140 crore
By Startup Enthusiast ·
- Date
- Company
- Ather Energy
- What it does
- electric scooters
- Kind
- Stake sale
- Amount
- Rs 140 crore
- Based in
- Bengaluru
- Sector
- Mobility & Logistics
What they do
Ather Energy makes electric scooters and operates in India
What happened
Hero MotoCorp increased its stake in Ather Energy to 39.7% by buying 3% for ₹140 crore
Why it matters
Ather's revenue rose 4.36 times to ₹1,784 crore in FY23, but losses also increased
The details
- Ather Energy is an Indian company that makes electric scooters.
- Hero MotoCorp bought an additional 3% stake in Ather Energy for ₹140 crore.
- This increases Hero MotoCorp's stake in Ather Energy to 39.7% from 36.7%.
- The investment was made by purchasing shares from existing shareholders.
- Existing shareholders include Tiger Global, GIC, Caladium Investment, and Sachin Bansal.
- Ather Energy raised ₹900 crore in September 2023 from Hero MotoCorp and GIC through a right issue.
- Hero MotoCorp had agreed to invest ₹550 crore in Ather as part of that round.
- Ather Energy is preparing for an initial public offering (IPO), aiming to list by Diwali 2024 or early 2025.
The bigger picture
- Ather Energy's revenue from operations rose 4.36 times to ₹1,784 crore in FY23.
- However, losses also increased 2.5 times to ₹864.5 crore in FY23 from ₹344 crore in FY22.
- Ather Energy's main competitor, Ola Electric, reported a 510% increase in revenue to ₹2,782 crore in FY23.
About the business
- Ather Energy designs and sells electric scooters in India.
- The company focuses on urban mobility and aims to shape the future of city commutes.
- Ather Energy's website highlights its commitment to technological innovation and seamless user experiences.
- The company operates in Bengaluru and has a team of engineers, marketers, and product developers.
- Ather Energy's revenue in FY23 was ₹1,784 crore, but it reported net losses of ₹864.5 crore.
What happens next
- Ather Energy is preparing for an initial public offering (IPO), aiming to list by Diwali 2024 or early 2025.
The deal
- Type
- stake-sale
Investors
- Hero MotoCorp (investor) — Indian motorcycle manufacturer
- Tiger Global (existing) — Venture capital firm
- GIC (existing) — Singapore government investment fund
- Caladium Investment (existing) — Private equity firm
- Sachin Bansal (existing) — Founder of Navi
Founders
- Tarun Mehta, Fundraiser and day-to-day organisation manager
- Milind, Product development and concept evolution
- Swapnil, Hardware, software, electronic, and mechanical development
- Ravneet, Marketing, sales, after-sales, and AtherGrid
- Sohil, Financial strategies
- Harendra, Procurement strategy and supplier management
- Sanjeev K., Manufacturing and transformation
More on Ather Energy
- Ather plans dealership expansion following new plant opening25 September 2026 · Launch
- Ather Energy launches mass-market Konarc electric scooter10 September 2026 · Launch
- BlackRock buys Ather shares worth ₹445.3 Cr in open market deal1 September 2026 · Stake sale · ₹445.3 Cr
- Ather launches Konarc electric scooter at Community Day29 August 2026 · Launch
- Ather Energy raises ₹1,200 crore through preferential issue25 August 2026 · Funding · ₹1,200 Cr
- Ather Energy narrows loss, revenue jumps 89%6 August 2026 · Results
- Ather Energy to launch mass-market scooter Konarc29 July 2026 · Launch
- Ather CEO flags PLI scheme quirk excluding EV startups24 July 2026 · Policy