In the recent happenings, Hero Motocorp has invested up to Rs. 205 crore in an electrical automotive startup Ather Energy for a 26-30% stake. This is considered as one of the biggest deals in this sector.
Ather Energy has received a total investment of Rs 180 crore and the rest will be released in tranches.
Tarun Mehta, CEO of Ather Energy said, “The first and biggest support comes from having capital. Now, we have an investor who truly understands the journey that we are going through”.
Ather Enery has already managed to draw attention of the heavyweight companies like Tiger Global Management, and Flipkart. According to the source, Flipkart has invested $12 million in the company in May last year.
Pawan Munjal, CEO, Hero MotoCorp, stated, “Adoption of environment-friendly fuel is a priority for Hero as is propagating sustainable manufacturing through green facilities. One of our strategic priorities, therefore, is to engage with the external ecosystem, including startups, in adjacent areas.”
The company is now set to launch its very first product – A smart electric scooter, the S340 which they unveiled in February 2016.
