Hero MotoCorp invests Rs 180 crore in Ather Energy
Funds will be used to develop a future-ready product platform and infrastructure development
Ather Energy, a Bangalore-based electric scooter start-up, has raised a fresh round of investment of Rs 180 crore from Hero MotoCorp. Previously, the firm had received a funding of Rs 75.33 crore from Tiger Global. The fund was used for the development, testing, production and launch of the brand’s first electric scooter, the S340. In this third round of investment, Hero MotoCorp has bought 26-30 per cent stake in the start-up.
While Hero MotoCorp’s dispatches were down 32 percent, Royal Enfield’s wholesales were down by a whopping 62 percent; revival in demand blunted by chip shortage.
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Having opened up the IP on its fast-charging connector in August, Ather Energy will now help Hero MotoCorp incorporate the quick charging technology into its e-scooters.