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Ather Energy

Hero MotoCorp to invest up to Rs 420 Cr in Ather Energy

Ather Energy

Hero MotoCorp, the country’s largest two-wheeler maker, said its board has approved to further invest up to Rs 420 crore or $57 million in electric scooter manufacturer Ather Energy.

Prior to the proposed investment, the company’s shareholding in Ather Energy stood at 34.8 per cent (on a fully diluted basis).

The company’s board has approved the investment in one or more tranches, Hero Motocorp said in a statement.

The company aims to expand the Hero MotoCorp brand promise and make EV ownership a convenient, hassle-free, and rewarding experience for customers across the world.

Ather Energy had received a sanction letter from Hero FinCorp Limited [an associate company of Hero MotoCorp] for a loan amount of Rs 130.00 crore, Entrackr had exclusively reported the development in October, 2021.

The Pawan Munjal-led group was the primary investor in Ather Energy’s Series B fundraise in 2016 and owns around 35% stake in the company. Ather Energy had launched its first fully-electric scooter, the Ather S340 in Bengaluru in 2016. 

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Ather Energy

Hero MotoCorp to invest up to Rs 420 Cr in Ather Energy

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Below is the bank details:

 
Amount: INR 3,00,000 + GST (TDS to be deducted 2%)
Bank Name: ICICI Bank
Account Type: Current
Account Name: Bareback Media Private Limited
Account Number: 002105023595
IFSC Code: ICIC0000021
 
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