Ather Energy raises Rs 84 crore from Hero MotoCorp

NEW DELHI: The country’s largest two-wheeler manufacturer Hero MotoCorp Friday announced a further investment of Rs 84 crore ($11 million) in Ather Energy, taking up its shareholding in the company to 34.58%.

Prior to the investment, Hero MotoCorp’s shareholding in Ather Energy was 31.27%.

The announcement comes close on the heels of several new strategic decisions taken by the company towards achieving its vision to “Be the Future of Mobility”. Hero MotoCorp has been a part of Ather’s growth story since 2016, when it first invested as a part of Series B funding.

Commenting on the investment, Rajat Bhargava, Head of Emerging Mobility Business Unit (EMBU), Global Business & Strategy, Hero MotoCorp said, “We are excited to see the growth of Ather Energy in the recent years. We see immense potential for them to expand their market even further, especially given the likely growth of electric vehicles (EV) in the near future.”

In addition to its efforts of developing a robust external eco-system for EVs, Hero is also aggressively working on an internal EV program. “Our aim is to provide accessible electric mobility to customers across the globe. Sustainability and clean, green environment remain central to our vision to be the future of mobility”, added Bhargava.

Ather Energy raises Rs 84 crore from Hero MotoCorp Ather Energy raises Rs 84 crore from Hero MotoCorp Reviewed by TechCO on 7/24/2020 Rating: 5

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