New Delhi: Two-wheeler producer Hero MotoCorp introduced on Friday that it has invested Rs 84 crore (US$11million) in Bengaluru-based electrical scooter startup Ather Energy.
Hero MotoCorp has been part of Ather’s progress story since 2016, when it first invested as part of Series B funding, and the company’s shareholding in the EV startup was 31.27 %.
With the present update, Hero MotoCorp’s shareholding in Ather Energy grows to 34.58 %.
Rajat Bhargava, Head of Emerging Mobility Business Unit (EMBU), Global Business & Strategy, Hero MotoCorp, said “We are excited to see the growth of Ather Energy in 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.”
We are in a excessive progress section of our journey, and whereas the last few months have been difficult, we now have not altered our enlargement plansTarun Mehta, Co-founder & CEO, Ather Energy
Bhargava added, “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 clean, green environment remain central to our vision to be the future of mobility.”
The present funding can be an extension of Ather’s Series-C spherical in which it raised $51 million in May last year, led by Flipkart co-founder Sachin Bansal.
Tarun Mehta, Co-founder & CEO, Ather Energy said, “We are in a high growth phase of our journey, and while the last few months have been challenging, we have not altered our expansion plans. Our geographic expansion and the roll-out schedule for the Ather 450X are on track, and we will be using these funds to invest in our facilities to meet the demand we have seen for the Ather 450X across the country. ”
Going ahead, Ather knowledgeable that it’s trying to scale to 20 cities by the top of 2021. The Ather 450X will soon be accessible in cities like Hyderabad, Pune, Delhi and Mumbai, with deliveries starting in October 2020.
To meet the projected demand in the approaching years, the EV maker is opening a brand new manufacturing facility in Hosur, which is designed to supply 100,000 items yearly and is scalable to half 1,000,000 items.
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