Hero MotoCorp invests Rs.180 crore in Ather Energy


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Hero Moto Corp, the has invested Rs. 180 crore in electric automotive maker Ather Energy. The company’s board has approved an investment of up to Rs. 205 crore for about 26-30% shareholding in the Bangalore-based tech start-up.

Ather is a Bengaluru-based technology start-up engaged in the business of designing and manufacturing smart electric vehicles and associated with charging infrastructure. Earlier in February this year, Ather Energy had introduced S340, a smart electric scooter that is ‘Made in India’. It is powered by a Lithium Ion battery and offers a top speed of 72 kmph and a range upto 60 kms.

Ather will use the funding to build future-ready product platform, and to accelerate the infrastructure and ecosystem development around electric vehicles in the country. Last year in May, Ather Energy received a funding of USD 12 million from Tiger Global. In addition, Flipkart founders, Sachin Bansal and Binny Bansal, in their personal capacity have also invested USD 1 million in the startup.

Pawan Munjal, CMD and CEO, Hero MotoCorp said,

Ather is the best startup in the two-wheeler EV space and we firmly believe that they are on the way to become one of the leaders in India, potentially even globally. We are excited to be a strategic investor and see this as an important step in building the necessary ecosystem needed to support commercialisation of EVs in the country.

Tarun Mehta, CEO and co-founder, Ather Energy Pvt. Ltd. said,

The funding is a strong validation of our product roadmap and technological capability, endorsed by one of the biggest global automotive players. We believe smart, connected electric vehicles are the future and India will be an important global player in it. Our vision is to fast forward to that future and this investment will help us leapfrog several years of automotive experience.

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Author: Sneha Bokil

Sneha Bokil is a tech enthusiast and is currently using OnePlus 3T but she still treasures her Nokia N70 (M). You can follow her on Twitter @snehabokil and on Google+