Hero MotoCorp picks up additional 2.2% stake in Ather
Hero MotoCorp's investment in Ather Energy, worth 124 crore, closely follows an earlier funding round by the IPO-bound EV firm.
will increase its stake in electric two-wheeler manufacturer Ather Energy, purchasing an additional 2.2% stake for around Rs 124 crore.
In a filing with the stock exchanges, Hero MotoCorp's board said the investment is being made by purchasing additional shares from an existing shareholder of .
This follows an earlier share purchase by the leading two-wheeler brand in Ather for an additional 3% stake, totalling Rs 140 crore.
Hero MotoCorp is a key investor in Ather, which also has the likes of Tiger Global and GIC of Singapore on its captable.
Recently, Ather raised Rs 286 crore through a combination of debt and equity, with venture debt firm Stride Ventures investing Rs 200 crore through non-convertible debentures. Ather co-founders Tarun Sanjay Mehta and Swapnil Babanlal Jain pumped in Rs 43.28 crore each through Series F compulsory convertible preference shares.
The funding round follows nine months after the IPO-bound firm secured Rs 900 crore from existing stakeholders Hero MotoCorp and GIC through a rights issue.
Ather Energy reported a turnover of Rs 1,753.8 crore for FY24, as compared with Rs 1,784 crore in FY23.
Founded in 2013, the Bengaluru-based EV company designs and manufactures two-wheelers with three brands—Ather 450X, Ather 450 Plus, and Ather 450S. It also has a network of over 1,400 charging stations across 100 cities.
Ather is one of the leading brands in the Indian two-wheeler EV market, with its closest competitor being Ola Electric.
Edited by Jyoti Narayan