Ather Energy secures 1,200 cr from Hero, government and founders
Ather Energy just grabbed ₹1,200 crore to fuel its next phase of growth.
The Indian government pitched in ₹200 crore through the India-Japan Fund, while Hero MotoCorp, already Ather's top shareholder, added a hefty ₹960 crore via convertible warrants.
Even the co-founders, Tarun Mehta and Swapnil Jain, joined in with ₹40 crore of their own.
Hero greenlights 1,000 cr for Ather
This is only the first chunk of Ather's ambitious ₹2,500 crore fundraising plan approved last month. The company aims to raise more through institutional placements and other routes.
Hero MotoCorp isn't slowing down either: the auto giant just greenlit another ₹1,000 crore investment on July 14, bumping its stake in Ather further above nearly 30%.
With Ola Electric also raising funds recently, it's clear that India's electric two-wheeler race is heating up fast.