Ather raises Rs 900 crore from Hero MotoCorp, Singapore’s GIC
Ather Energy on Wednesday said it had secured Rs 900 crore in funding from two-wheeler major Hero MotoCorp and Singaporean sovereign wealth fund GIC.
Both investors are existing shareholders in Ather, with Hero MotoCorp already owning a 34.2% stake in the firm prior to the latest investment. Hero is also Ather’s largest shareholder, according to data from Tracxn.
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“We have always believed that this transition will be led by world class technology and products designed and built in India and this year will be no different with our largest outlay on research and development yet, planned in 2023-24. This round will allow us to expand our product portfolio while expanding our footprint,” he added.
On Monday, ET reported that the Hero MotoCorp board had passed a resolution to invest Rs 550 crore in the firm via Series E2 compulsory convertible preference shares. The Rs 900 crore announced on Wednesday is inclusive of the amount announced on Monday.
In January last year, Hero partially led a $128 million fundraise into Ather.
Earlier, media reports had suggested that
