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Electric scooter startup Ather secures Rs 550 crore in funding from Hero MotoCorp
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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.
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Offering 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.
In August, Ather sold 6,835 units, according to Vahan, the government’s portal for automobile registration even as FAME-II subsidies have been pulled back by India.
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