Hero MotoCorp Invests Rs. 180 Crore in Ather Energy
Ather Energy, the smart electric two-wheeler start-up, today announced a fresh round of funding of Rs. 180 crores from Hero MotoCorp for 26-30% stake. The funding marks the third round of investments in Ather Energy, which is building the S340 – India’s first smart, electric scooter. Previous rounds of investments in the company were by Tiger Global; and Sachin and Binny Bansal, promoters of Flipkart, in their personal capacity.
Speaking on the investment, Tarun Mehta, CEO and co-founder of Ather Energy said, “The funding is a strong validation of our product roadmap and technology capability, endorsed by one of the biggest global automotive players. We believe smart connected electric vehicles are the future and India will be an important global player in it. Our vision is to fast forward to that future and this investment will help us leapfrog several years of automotive experience”
This new round of capital infusion will be used by Ather to sustain momentum in its journeyof building a future-ready product platform, and to accelerate the infrastructure and ecosystem development around electric vehicles in the country.
The Board of Directors of Hero MotoCorp, in its meeting held on October 26, 2016,approved an investment of up to Rs. 205 crore, of which the immediate tranch is of Rs. 180 crore.
Ather Energy Unveiled the S340
Earlier this year, Ather unveiled the S340, an uncompromising electric vehicle with a Lithium ion battery pack, top speed of 72 kmph and a range of 60 km. But what sets Ather apart is the fundamental promise of a richer ownership experience. On the product, this manifests through vehicle intelligence which enables on board navigation, pre-emptive diagnostics, remote configuration and personalised ride profiles through a touchscreen dashboard and mobile app.
The experience extends to the go-to-market strategy with a combination of online sales complemented by experience centres that will bring the brand to life. The ownership experience also ensures convenience through door step delivery and servicing and a mobile app for remote access and configuration. Ather also aims at setting up a ubiquitous charging infrastructure in every city it will operate in, partnering with government and private enterprises.
