Hero MotoCorp had previously invested in the electric two-wheeler start up, but has now refreshed their confidence in Ather with another big chunk of funds
Ather has sparked a lot of interest in the two-wheeler segment with a promising product lineup and an unorthodox business model and way of operation. They had previously raised approximately Rs 180 crores, in the ‘Series B’ investment round, and one of the primary investors was Hero MotoCorp. Now, Hero MotoCorp has invested a further Rs 84 crore in the ‘Series C’ round of funding.
Rajat Bhargava, head of Emerging Mobility Business Unit, Global Business & Strategy, Hero MotoCorp, said “We are excited to see the growth of Ather Energy in the recent years. We see immense potential for them to expand their market even further, especially given the likely growth of electric vehicles (EV) in the near future. In addition to our efforts of developing a robust external eco-system for EVs, we are also aggressively working on our internal EV program. Our aim is to provide accessible electric mobility to customers across the globe. Sustainability and a clean, green environment remain central to our vision to be the future of mobility.”
Ather is now looking to further expand their reach to 20 cities by the end of 2021, which means those cities will also get the necessary infrastructure by then. Customers in Hyderabad, Pune, Delhi and Mumbai, will be able to get their hands on the new Ather 450X soon, with the first deliveries slated to begin in October 2020. The company is also setting up a new production facility in Hosur, Karnataka and will be installing Ather Grid fast chargers across the country over the next five years. Hero MotoCorp’s funds will go a long way in ensuring Ather can continue with its plans and speaks volumes of the confidence that Hero has in the Bengaluru-based start-up.