Hero MotoCorp invests Rs 180 cr in electric scooter maker Ather Energy

India's largest bike maker Hero MotoCorp has invested Rs 180 crore in electric scooter maker Ather Energy. Hero will acquire a 26% stake in Ather, which they can raise to 30% for an additional Rs 25 crore. The deal values the Bengaluru-based startup at around Rs 700 crore.

Founded by two IIT-Madras batchmates, Tarun Mehta and Swapnil Jain, in early 2013, Ather Energy is backed by Sachin Bansal and Binny Bansal, as also New York-based hedge fund Tiger Global, which invested $12 million last year. With the latest fund infusion, the entrepreneurs will cease to hold majority stake, but they will retain decision-making powers, Mehta told TOI. Hero will have one director on Ather's board...Read More

Source Web Page : The Times of India

Comments (0)

Please Login or Register to join groups