September 5, 2023
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Hero MotoCorp to invest into Ather Energy
Two-wheeler major Hero MotoCorp said on September 4 that it has got the board’s approval to invest Rs 550 crore into electric two-wheeler maker Ather Energy, in which it is an existing investor.
“The Board of Directors of the Company at its meeting held on September 4, 2023, has approved an investment of up to INR 550 crore (Rupees five hundred fifty crores), in the Rights issue of Ather Energy Private Limited,” The NSE filing by Hero MotoCorp said.
This comes at a time when the EV maker was looking to close a funding round before its IPO listing plans.
Industry sources said that Ather Energy is mulling an IPO by 2024.
In October of 2022, Ather Energy raised $50 million in equity funding led by its existing investor Caladium Investment Pte Ltd with participation from Navam Capital-backed Herald Square Ventures.
As per Industry sources, Ather was valued at $700 million during its last fundraise in October and was looking to raise another round which would have given a unicorn status to the EV firm.
Founded in 2013 by Mehta and Swapnil Jain, Ather manufactures two electric scooters – the Ather 450X and the Ather 450 Plus and Ather 450S.
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