Hero MotoCorp is also looking at collaborating with Ather Energy in a variety of areas, including charging infrastructure, technology, and sourcing, according to the company.
Hero MotoCorp, India’s largest two-wheeler manufacturer, made a new investment of up to INR 420 crore in Bengaluru-based electric scooter startup Ather Energy on Friday.
“The investment has been approved by the company’s board of directors in one or more tranches. Hero MotoCorp owned 34.8 percent of Ather Energy before the proposed investment (on a fully diluted basis). Following the investment, Ather’s shareholding will increase, with the exact proportion established after the capital raise round is completed “In a statement, the business added.
“The company is also exploring collaborations with Ather Energy in various spheres, such as charging infrastructure, technology, and sourcing,” it added.
Since 2016, when it first invested as part of Series B funding, Hero MotoCorp has been a part of Ather’s growth story, with a 31.27 percent stake in the EV firm.
The two-wheeler manufacturer increased its stake in Ather Energy to 34.58 percent in July 2020, after investing INR 84 crore (USW million) in the business.
Hero MotoCorp’s Head of Emerging Mobility Business Unit, Swadesh Srivastava, said the business is working on several emerging mobility solutions.
“We were one of the early investors in Ather Energy and have continued to expand our association over the years. We are excited to see the growth of Ather Energy in recent years. We aim to expand the Hero MotoCorp brand promise and make EV ownership a convenient, hassle-free, and rewarding experience for customers across the world,” he said.
In March of this year, Hero MotoCorp will debut its first electric vehicle (EV). The vehicle is being developed at the company’s R&D center in Jaipur and the Tech Center Germany (TGG) near Munich and will be manufactured at the company’s production facility in Chittoor, Andhra Pradesh.
The two-wheeler manufacturer has also partnered with Gogoro Inc of Taiwan to create Hero-branded two-wheelers that will be available in several Indian cities and will be powered by Gogoro’s battery sharing infrastructure.