Hero MotoCorp invests Rs. 84 crore in Ather Energy
Hero MotoCorp has announced a further investment of Rs. 84 crore in Ather Energy. The company now controls a 34.58% stake in the Bangalore-based electric scooter brand.
In 2016, Hero MotoCorp had invested Rs. 205 crore in the company as part of Series B funding. Prior to the latest round of investment, Hero had a stake of 31.27% in the company.
Ather Energy is now looking to scale up its operations and expand to 20 cities by the end of 2021. The company will launch its electric scooters in Hyderabad, Pune, Delhi and Mumbai and deliveries will begin in October, this year.
Ather is also setting up a new manufacturing facility in Hosur. The new factory has an annual capacity of 1,00,000 units and is scalable to 5,00,000 units.
The company plans to set up Ather Grid fast charging points across the country over the next 5 years.
Source: Read Full Article