Electric Scooter Startup Ather Secures Rs 550 Crore In Funding From Hero Motocorp
09/04/23, 5:19 PM
Location
bangaloreMoney raised
₹5.5 billion
Industry
manufacturing
Electric scooter maker Ather Energy is set to raise Rs 550 crore from Hero MotoCorp, the motorcycle manufacturer said in a disclosure to the National Stock Exchange on Monday.The board of Hero MotoCorp passed a resolution to invest Rs 550 crore via Series E2 compulsory convertible preference shares. Elevate Your Tech Process with High-Value Skill CoursesOffering CollegeCourseWebsiteNorthwestern UniversityKellogg Post Graduate Certificate in Product ManagementVisitIndian School of BusinessISB Product ManagementVisitIndian School of BusinessISB Professional Certificate in Product ManagementVisitNorthwestern UniversityKellogg Post Graduate Certificate in Digital MarketingVisitThe automobile company already owns a 34.2% stake in Ather and is its largest shareholder, according to data from Tracxn. In January last year, Hero partially led a $128 million fundraise into Ather. The Bengaluru-based firm was last valued at $739 million during a $50 million fundraise in October last year, per Tracxn
Company Info
Location
bangalore, karnataka, india
Additional Info
Ather Energy was started in 2013 by Tarun Mehta and Swapnil Jain, two engineering graduates straight out of college with the audacity to dream and challenge the well-established Internal Combustion Engine (ICE) and replace it with an electric drive.