Hero MotoCorp has scooped up an additional 3% stake in electric vehicle company Ather Energy for Rs 140 crore (approximately $16.8 million).
According to regulatory filings, the investment is being made through the purchase of additional shares from existing shareholders of Ather. With this, Hero MotoCorp will increase its stake in Ather Energy to 39.7% from 36.7%.
The company’s existing shareholders include Tiger Global, GIC, Caladium Investment, and Navi founder and CEO Sachin Bansal, among others. Check TheKredible for more details.
In September, Bengaluru-based Ather raised Rs 900 crore ($108 million) from Hero MotoCorp and GIC through right issue. Hero MotoCorp had signed an agreement to pump in Rs 550 crore in Ather as a part of the round.
In May 2022, Ather raised $128 million in its Series E round at a valuation of $750 million. However, the company’s latest valuation couldn’t be ascertained.
Ather’s revenue from operations surged 4.36X to Rs 1,784 crore during the fiscal year ending March 2023. The company’s losses also spiked 2.5X to Rs 864.5 crore in FY23 from Rs 344 crore in FY22.
Ather is reportedly gearing up for its initial public offering (IPO) and has plans to get listed by Diwali 2024 or early 2025.
The company’s competitor Ola Electric recently said that its total revenue has gone up by 510% to Rs 2,782 crore in FY23 from Rs 456 crore in FY22. The firm is expected to file IPO papers before December 20.
