Hero MotoCorp, the world’s largest two-wheeler manufacturer has announced its plans to invest an additional Rs 140 crore in Bengaluru-based electric vehicle manufacturer Ather Energy.
With the new investment, the company will increase its stake in the EV maker from existing 36.7 percent to 39.7 percent.
Hero MotoCorp, Ather partner for charging infrastructure
Interestingly, it was in September 2023, Ather Energy had raised Rs 900 crore from Hero MotoCorp and GIC through a rights issue. The funds were being deployed for new product launch and expanding charging and retail network.
In FY2023, Ather Energy had clocked revenue of Rs 1,806 crore, compared to Rs 413 crore in FY2022.
The EV maker has sold 100,416 e-scooters this year (as of December 15, 2023), making it amongst the top 3 electric two-wheeler sellers in India, behind TVS Motors and Ola Electric.
