Hero MotoCorp to invest Rs 5.5 billion in Ather Energy

06 Sep 2023 CW Team

The motorcycle manufacturer Hero MotoCorp disclosed that electric scooter maker Ather Energy was poised to secure Rs 5.5 billion in funding from them.

Hero MotoCorp's board resolved to invest Rs 550 crore through Series E2 compulsory convertible preference shares.

It's worth noting that Hero MotoCorp already held a 34.2% stake in Ather and was its largest shareholder, as reported by Tracxn.

In January of the previous year, Hero took the lead in a fundraise of $ 128 million for Ather.

According to Tracxn, Ather's last valuation was $ 739 million during a fundraise of $ 50 million in October of the previous year.

Reports in the media suggested that the company was planning to secure an additional $ 250 million at a valuation of $ 1.3 billion this year. However, these plans were put on hold due to the broader decline in tech funding and a decrease in sales following the withdrawal of the government's Faster Adoption of Manufacturing of Electric Vehicles (FAME-II) subsidies in June.

According to Vahan, the government's portal for automobile registration, Ather sold 6,835 units in August. This was in contrast to the 12,184 units sold in March and the 15,420 units sold in May, both when the FAME-II subsidies were still in effect. In August, over 59,000 electric two-wheelers were sold, with Ola Electric leading the market by selling 17,389 units.

On August 11, Ather introduced an entry-level electric scooter model called the 450S, featuring a range of 115 km. Their existing model, the 450X, is available with either a 115-km range or a 145-km range. A few days later, Ola Electric, their rival, launched a new scooter model known as the Ola S1 X. Ola also announced plans to introduce electric bikes in four different versions by the end of 2024.

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