Continuing to build on its series of new initiatives, Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, announced a further investment of Rs. 84 crores (US$11 million) in Ather Energy, taking up its shareholding in the company to 34.58%.
Prior to the investment, Hero MotoCorp’s shareholding in Ather Energy was 31.27%.
The announcement comes close on the heels of several new strategic decisions taken by the company towards achieving its vision to “Be the Future of Mobility”.
Hero MotoCorp has been a part of Ather’s growth story since 2016, when it first invested as a part of Series B funding.
Commenting on the investment, Rajat Bhargava, Head of Emerging Mobility Business Unit (EMBU), Global Business & Strategy, Hero MotoCorp, said: “We are excited to see the growth of Ather Energy in the recent years. We see immense potential for them to expand their market even further, especially given the likely growth of electric vehicles (EV) in the near future. In addition to our efforts of developing a robust external eco-system for EVs, we are also aggressively working on our internal EV program. Our aim is to provide accessible electric mobility to customers across the globe. Sustainability and clean, green environment remain central to our vision to be the future of mobility.”
As the market leader in India and a global automotive major, Hero MotoCorp takes the lead in many areas that benefit the environment, customer and the industry.