Hero already owns 34.8% of Ather Energy. The current investment of Rs 420 crore i.e, approx $56 mn by Hero is part of the ongoing bigger funding round. Actual stake to Hero in lieu of this amount would become clear once the round closes (expected by 30th April 2022).
Key points to note –
- Ather is one of the earlier entrants into the Electric Vehicles (EV) space in India and is focused on EV two wheelers, charging infrastructure and storage and distribution of electric power.
- Founded in 2013, the Company had got seed funding from Binny Bansal and Sachin Bansal (Flipkart Promoters) in 2014. Subsequently, in 2015 it had also got a small investment of $12 mn from Tiger Global.
- Hero made it’s first investment into Ather of $27 mn in 2016 and followed it with a debt funding of $ 11.2 mn in July 2020.
- Ather reported revenues of approx Rs 80 crore in FY 21 compared with Rs 35 crore in FY 20.
Hero’s investment into Ather continues to be strategic. It is gearing up to unveil its first EV in the month of March this year.