Hero MotoCorp has increased its stake in Ather Energy by 3%, investing nearly Rs 140 crore through the purchase of additional shares. This acquisition brings Hero MotoCorp’s ownership in Ather Energy to 39.7%. In September, Ather had secured Rs 900 crore from Hero MotoCorp and GIC through a rights issue. Ather Energy is reportedly planning to go public by the end of 2024 or early 2025.
Despite a notable increase in revenue from operations, Ather Energy encountered a substantial rise in losses during the fiscal year ending March 2023. The company’s losses surged over 2.5 times, reaching Rs 864.5 crore, compared to Rs 344.1 crore in the previous fiscal year. This significant loss escalation occurred despite a threefold increase in total expenses, which soared to Rs 2,670.6 crore.
Ather Energy, founded in 2013 by IIT Madras alumni Mehta and Swapnil Jain, counts Hero MotoCorp, GIC, NIIF, Sachin Bansal, and Tiger Global among its backers. Recently, Hero MotoCorp and Ather Energy collaborated to establish an interoperable fast-charging network for EV two-wheelers in India, hailed as the world’s first of its kind.
This partnership and continued investment from Hero MotoCorp reflect a growing interest and commitment in Ather Energy’s growth and the broader expansion of electric mobility in the country.