NEWS

Ather Energy bags Rs 900 Cr from GIC and Hero MotoCorp

By VARINDIA - 2023-09-07

Ather Energy, a manufacturer of electric scooters, has received Rs 900 crore through a right issue from current investors Hero MotoCorp and GIC. Ather previously signed a contract with Hero MotoCorp earlier this week to raise Rs 550 crore.

The funding will allow Ather to expand its product portfolio and its charging infrastructure and retail network.

“There was strong support for the rights issue and we are very happy to see the confidence exhibited by shareholders,” Ather Energy CEO & co-founder Tarun Mehta said.

Recently, Hero MotoCorp announced an additional investment of Rs 550 crore in Ather Energy. Earlier, Hero MotoCorp had a shareholding of 33.1% in Ather Energy.

Mehta said the last few years had demonstrated how quick the electric vehicle transition in India could be and how would be led by two-wheelers.

“We have always believed that this transition will be led by world class technology and products designed and built in India and this year will be no different with our largest outlay on research and development yet, planned in 2023-24.”

“This round will allow us to grow our product portfolio while expanding our footprint,” he added.