Hero MotoCorp’s new investment of Rs. 420 crore in Ather Energy will further increase its stake in the Bengaluru-based start-up.
Tarun Mehta, co-founder of Ather Energy, with Pawan Munjal, president and CEO – Hero MotoCorp
Hero MotoCorp’s Board of Directors has approved a new investment of ₹420 crore in Ather Energy, in line with its vision for future mobility. The company said the new investment will further increase Hero’s stake in the electric two-wheeler startup from the current 34.8%. However, the exact participation will be determined at the end of the fundraising by Ather. The world’s largest two-wheeler maker was an early investor in Ather since 2016 and has one of the largest stakes in the company.
Also Read: Hero MotoCorp Expands El Salvador Operations With New Flagship Store
Commenting on the development, Swadesh Srivastava, Head of Emerging Mobility Business Unit, Hero MotoCorp said, “In line with our ‘Be the Future of Mobility’ vision, we are working on a variety of emerging mobility solutions. We have were an early investor in Ather Energy and have continued to expand our association over the years. We are delighted to see the growth of Ather Energy in recent years. Our goal is to expand the Hero MotoCorp brand promise and to make electric vehicle ownership a convenient, hassle-free, and rewarding experience for customers around the world.”
Along with its investment, Hero MotoCorp said it is also considering collaborations with Ather Energy in various areas, including charging infrastructure, technology and supply. Ather and Hero have previously collaborated on unified charging solutions for electric two-wheelers, ever since the former went public with its IP addresses to promote a standardized charging system for two-wheelers in India.
The new investment also comes at a time when Hero MotoCorp is ready to venture into the electric mobility space on its own. The company’s first electric vehicle will be unveiled in March this year and is being developed at the company’s Center for Innovation and Technology (CIT) in Jaipur and Tech Center Germany (TGG) near Munich. The new offering will be produced at Hero’s manufacturing facility in Chittoor, Andhra Pradesh. Besides Ather, Hero has also partnered with Taiwanese company Gogoro Inc. to develop its electric vehicle ecosystem which includes product, technology, sales, service, customer care, operations and innovation.
For the latest automotive news and reviews, follow TSTIME.com on Twitter, Facebook and subscribe to our YouTube channel.