Who wrote this article?

Aakash Agarwal, Capitalmind's research team.

Hero MotoCorp Invests Rs. 205 Crore in Ather Energy – Electric Vehicles start-up

27 Oct 2016Aakash Agarwal1 min read

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What is "Hero MotoCorp Invests Rs. 205 Crore in Ather Energy – Electric Vehicles start-up" about?
What category is this article in?: Stocks
Who wrote this article?: Aakash Agarwal, Capitalmind's research team.
When was this article published?: Published 27 October 2016.
How long does this article take to read?: 1 min read
What topics does this article cover?: Flipkart

Hero MotoCorp – India’s largest two wheeler manufacturer has decided to invest an amount of Rs. 205 crore thereby acquiring shareholding in the range of 26-30% in Ather Energy - a Bangalore-based technology start-up engaged in the business of designing and manufacturing smart Electric Vehicles (EV) and associated charging infrastructure.

This comes at a time when Hero MotoCorp looks to enhance its own internal Electric Vehicles Program.

The other investors in the startup include the co-founders of Flipkart - Binny Bansal and Sachin Bansal the providers of Seed money of $1 million and Series A led by its other investor Tiger Global Management of US$12 million (Rs.75.33 crore).

Ather has been founded by two friends and IIT Madras graduates Tarun Mehta and Swapnil Jain. They recently unveiled the electric scooter called S340 in February this year (S340 refers to S for the Scooter, 3 for the 3KWh capacity of the electric motor and 40 for the 40Amp battery capacity).

Ather announced that it will start taking pre-orders by Q2 end 2016 in Bangalore, Chennai and Pune. Its new manufacturing unit will also have a battery unit and the capacity to produce 50 scooters a day at peak production.