Hero MotoCorp has invested further in AtherEnergy. Ather Energy has announced the investment of Rs 84 crore from Hero MotoCorp. This takes Hero MotoCorp’s share in the Bangalore-based EV manufacturer up to 34.58 percent.
Ather Energy has been revolutionary in the electric vehicle segment in India. The electric vehicle manufacturer has launched electric scooters with features and technologies never seen before in this segment. It garnered attention from various investors and Hero MotoCorp is easily the biggest of them.
During Ather Energy’s Series-B funding back in 2016, Hero MotoCorp had invested around Rs 205 crore, gaining 31.27 percent share in the brand. Now, the stake has been upped to 34.58 percent with an additional 84 crore rupees. Ather Energy has been on a trajectory of constant growth and the new investment will help it go further.
Ather Energy plans to retail its scooters in 21 Indian cities by the end of 2021. Meanwhile, the brand is also pushing for an international debut, which would later lead to exports of its vehicles from India.
In October this year, Ather Energy will start retailing its Ather 450X scooter in Hyderabad, Delhi, Pune and Mumbai. In order to scale up production for the same, Ather Energy is setting up a new plant at Hosur with an output capacity of 1,00,000 units annually. This can be scaled up to 5,00,000 units annually in the future.
The Ather 450X is the only product the brand has on sale right now. However, more products are under development, including a new motorcycle. The future certainly seems interesting and promising at Ather Energy.
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