Bengaluru-based Ather Energy raises funding from Hero Corp

Hero MotoCorp has made an investment of $27 Mn (INR 180 Cr) investment for 26%-30% stake in Ather Energy–a Bangalore-based technology start-up engaged in the business of designing and manufacturing smart Electric Vehicles (EV) and associated charging infrastructure.

A release from the company stated, “Adoption of environment-friendly fuel is a priority for Hero MotoCorp, as is propagating sustainable manufacturing through green facilities. Hero MotoCorp intends to enhance its participation in the EV space by pursuing its internal EV program in addition to partnering with Ather.”

Commenting on this investment, Pawan Munjal, Chairman, Managing Director & Chief Executive Officer, Hero MotoCorp said, “As the market leader and a global automotive major, Hero takes the lead in many areas that benefit the environment, customer, and industry. Adoption of environment-friendly fuel is a priority for Hero, as is propagating sustainable manufacturing through green facilities. One of our strategic priorities, therefore, is to engage with the external ecosystem, including start-ups in adjacent areas. Hero MotoCorp intends to enhance its participation in the EV space by pursuing its internal EV program in addition to partnering with Ather. Ather is the best start-up in the two-wheeler EV space and we firmly believe that they are on the way to becoming one of the leaders in India, potentially even globally. They bring together a vision with high aspiration, ability to progress rapidly and the humility to learn and improve continually. We are excited to be a strategic investor and see this as an important step in building the necessary ecosystem needed to support commercialization of EVs in the country.”