Hero MotoCorp, the country's largest two-wheeler 1maker, on Thursday said it will invest up to Rs 205 crore in one or more tranches to acquire about 26-30 per cent stake in Bengaluru-based Ather Energy.
Ather is a Bangalore-based technology start-up engaged in the business of designing and manufacturing smart Electric Vehicles (EV) and associated charging infrastructure.
“Adoption of environment-friendly fuel is a priority for Hero MotoCorp as it is propagating sustainable manufacturing through green facilities. Hero MotoCorp intends to enhance its participation in the EV space by pursuing its internal EV programme in addition to partnering with Ather,” the two-wheeler maker said in a BSE filing.
In a statement, Ather Energy said it has received an immediate tranche of Rs.180 crore from Hero MotoCorp. “The funding marks the third round of investments in Ather Energy, which is building the S340 — India’s first smart, electric scooter,” the company said. Previous rounds of investments in the company were by Tiger Global; and Sachin and Binny Bansal, promoters of Flipkart, in their personal capacity.
Tarun Mehta, CEO and co-founder of Ather Energy said, “We believe smart connected electric vehicles are the future and India will be an important global player in it. Our vision is to fast forward to that future and this investment will help us leapfrog several years of automotive experience.”
This new round of capital infusion will be used by Ather to sustain momentum in its journey of building a future-ready product platform, and to accelerate the infrastructure and ecosystem development around electric vehicles in the country.
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