Hero MotoCorp, Ather Energy’s largest investor, has decided to buy an additional 2.2% stake in the electric scooter company for Rs 124 crore. Last year, Hero increased its stake in Ather by about 3% for Rs 340 crore.
Ather Energy recently raised Rs 286 crore from its founders and Stride Ventures through a mix of debt and equity funding. Co-founders Tarun Mehta and Swapnil Jain invested Rs 86 crore, while Stride Ventures provided Rs 200 crore through debentures.
Ather Energy has major investors like Tiger Global and Singaporean Sovereign Wealth Fund GIC. Hero MotoCorp and Ather are also collaborating to create a fast-charging network for two-wheelers in India.
Despite Ather’s losses increasing to Rs 864.5 crore in FY23, its revenue grew to Rs 1,784 crore. Hero’s investment comes as Ola Electric, a leader in the electric two-wheeler market, plans to go public.
In September 2023, Ather raised Rs 900 crore from Hero MotoCorp and GIC through a rights issue. On April 6, Ather launched the ‘Rizta’ scooter range, aiming at families, and plans to increase its production capacity from 150,000 to 450,000 scooters per year.
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