Hero MotoCorp Increases Stake in Ather Energy by 2.2% for ₹124 Cr

Listen to our Podcast: Grow your wealth and keep it secure.

0:00 / 0:00

Synopsis:

Hero MotoCorp boosts its stake in Ather Energy by 2.2% for ₹124 crore. Ather secures ₹286 crore funding from founders and Stride Ventures. Ather Energy's losses widened to ₹864.5 crore in FY23, while revenue grew 4.3 times to ₹1,784 crore.

Hero Motocorp News Today

The board of Hero MotoCorp, the largest investor in Ather Energy, has approved the purchase of an additional stake of 2.2% in the electric scooter maker for approximately ₹124 crore. This move follows Hero's previous investment, where it acquired about a 3% stake in Ather Energy for around ₹340 crore.

This investment by Hero MotoCorp comes at a time when Ola Electric, a key player in the electric two-wheeler market, is planning to go public.

Explore: Hero Motocorp Share Price

Ather’s Recent Funding and Collaboration

Ather Energy recently raised ₹286 crore from its founders and Stride Ventures through a mix of debt and equity funding. Ather’s cofounders Tarun Mehta and Swapnil Jain invested ₹86 crore, while debt fund Stride Ventures injected ₹200 crore.

Additionally, Hero MotoCorp and Ather Energy have collaborated to create an interoperable fast-charging network for two-wheelers in India.

Financial Performance

Ather Energy reported widened losses of ₹864.5 crore in FY23, marking an increase of over two-and-a-half times compared to the previous year. However, the company's revenue from operations grew significantly, reaching ₹1,784 crore during the same period.

Additional Read: Hero MotoCorp Q4 Results: PAT at ₹1016 Crore, up by 18%

Product Expansion & Future Outlook

Furthermore, Ather Energy launched a new range of ‘Rizta’ scooters targeting the family segment on April 6. The company plans to expand production from the current capacity of 150,000 vehicles per year to 450,000 units annually after the launch of Rizta.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

For All Disclaimers Click Here: https://bit.ly/3Tcsfuc

Share this article: 

Read More Blogs

Our Secure Trading Platforms

Level up your stock market experience: Download the Bajaj Broking App for effortless investing and trading

Bajaj Broking App Download

7.5 Lacs+ Users

icon-with-text

4.3+ App Rating

icon-with-text

4 Languages

icon-with-text

₹4300 Cr MTF Book

icon-with-text