Hero MotoCorp ups stake in India’s electric scooter startup Ather Energy

Visual from Ather Energy website

Motorcycles and scooters manufacturer Hero MotoCorp announced that it has acquired an additional equity stake in Ather Energy, India’s first intelligent electric scooter manufacturer, for Rs84 crore ($11 million).

The new investment raises Hero MotoCorp’s shareholding in Ather Energy to 34.58 per cent. The firm last invested $19 million in the electric scooter startup in 2018.

Hero MotoCorp has been a part of Ather’s growth story since 2016 when it first invested as a part of Series B funding. The investor said the latest funding comes close on the heels of several new strategic decisions taken by the company towards achieving its vision to “Be the Future of Mobility”.

“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,” said Rajat Bhargava, Head of Emerging Mobility Business Unit (EMBU), Global Business & Strategy, at Hero MotoCorp.

Incorporated in October 2013, Ather is a Bangalore-based technology startup engaged in the business of designing and manufacturing smart electric vehicles (EV) and associated charging infrastructure.

Ather said the funding will help support its expansion phase on the back of its flagship product, the Ather 450X. The company is also looking to scale to 20 cities by the end of 2015.

“Our geographic expansion and the roll-out schedule for the Ather 450X are on track, and we will be using these funds to invest in our facilities to meet the demand we have seen for the Ather 450X across the country,” said Tarun Mehta, co-founder and CEO of Ather Energy.

Hero Motocorp, formerly Hero Honda, is the largest two-wheeler manufacturer in the world, and also in India, where it has a market share of about 46 per cent in the two-wheeler category.

The company said it sold 4.5 each units of motorcycles and scooters in June, a growth of four times over the previous month, amidst the global coronavirus pandemic.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.