Hero MotoCorp, GIC to Invest ₹ 900 Crore in Ather Energy
The funds will be used to launch new products, expand charging infrastructure & grow retail network by Ather.
Hero MotoCorp to Contribute ₹ 550 Crore
Hero MotoCorp will contribute ₹ 550 crore, while the rest will come from GIC. This will increase Hero's ownership stake in Ather, which currently stands at 33.1%.
Ather Will Use the Funds to Launch New Products
Ather will use the funds to launch new products, including electric scooters and motorcycles. The company is also planning to expand its charging infrastructure and retail network.
Ather Has Been on a Growth Course in Fiscal Year 2023
Ather has been on a growth course in fiscal year 2023. Its revenue surged to ₹ 1,783 crore, a significant 4.4 times increase compared to the previous fiscal year.
Ather’s Retail Network Across More Than 100 Cities
Ather has a retail network across more than 100 cities in India. The company also operates the public fast-charging network for electric two-wheelers, boasting over 1,500 Ather Grids.
Ather Considering IPO in 2024
Ather is also considering the possibility of going public with an IPO in 2024. The company is hoping to raise funds to accelerate its growth plans.