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