Two-wheeler giant Hero MotoCorp has invested Rs 124 crore in electric scooter manufacturer Ather Energy to acquire an additional 2.2% stake, according to a regulatory filing by the company.
With this investment, Hero MotoCorp, already the largest shareholder in Ather Energy, now holds over 40% of the company’s total shares. The latest funding round values Ather Energy at Rs 5,636 crore, which is an increase from the Rs 4,666 crore valuation during Hero MotoCorp’s Rs 140 crore investment in December last year.
Hero MotoCorp did not disclose which investor it acquired the additional shares from. The filing also noted that Ather’s turnover for FY24 is estimated at Rs 1,753 crore, slightly down from the Rs 1,784 crore in operating revenue reported for FY23. Hero MotoCorp did not reveal the net loss for FY24, while Ather recorded a net loss of Rs 864 crore in FY23.
This investment follows a week after Ather Energy raised Rs 286 crore ($34 million) from its founders and Stride Ventures through a mix of debt and equity funding.
