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Hero MotoCorp to invest Rs 550 cr in electric two-wheeler maker Ather

Ather

Hero MotoCorp announced on Monday that it will invest Rs 550 crore in Ather Energy Private Limited, an electric two-wheeler manufacturer. “At its meeting on September 4, 2023, the Board of Directors of the Company approved an investment of up to INR 550 crore in the Rights issue of Ather Energy Private Limited,” the bike maker said in an exchange filing. 

Hero MotoCorp presently owns 33.1 percent of Ather, and the new investment will be made in Series E2 obligatory convertible preference shares, according to the firm. Hero MotoCorp’s shareholding in Ather will increase as a result of the additional investment, although the exact shareholding will be determined once Ather completes its capital raise round. 

Ather

Ather, which was founded in 2013, is in the business of designing, producing, selling, and servicing electric two-wheelers. In addition, Ather has its own charging infrastructure and is involved in the storage, distribution, and control of electric power (including energy in the form of batteries) as well as other auxiliary services. 

Ather’s revenue for the fiscal year ending March 2023 was Rs 1806.1 crore.  

In July of this year, Ather announced a collaboration with the state-run Bharat Petroleum Corporation Limited (BPCL) to extend its charging network. Through the agreement, Ather would receive access to BPCL’s nationwide network of over 21,000 petrol stations, easing the implementation of Ather’s public fast-charging grid. Ather already has over 1,400 chargers spread throughout 100 cities.