New Delhi: Hero MotoCorp has acquired an additional 3 per cent stake in electric vehicle manufacturer Ather Energy for nearly Rs 140 crore.
Hero MotoCorp made the investment through the purchase of additional shares from existing shareholders of Ather Energy, according to regulatory filings.
Hero MotoCorp now has a 39.7 per cent stake in Ather Energy.
In September, Ather raised Rs 900 crore from Hero MotoCorp and global investment firm GIC through a rights issue.
Ather is reportedly gearing up for its initial public offering (IPO) and has plans to get listed by end of 2024 or early 2025.
Meanwhile, Ather Energy’s losses surged more than 2.5 times in the financial year 2022-23.
The EV startup reported a loss of Rs 864.5 crore in FY23, against a loss of Rs 344.1 crore in FY22, according to its annual financial statements filed with the Registrar of Companies (RoC).
Ather’s total expenses more than tripled to Rs 2,670.6 crore from Rs 757.9 crore in FY22, despite strong sales.
The surge in losses was reported even after the firm’s revenue from operations grew 4.3 times to reach Rs 1,784 crore during the fiscal year ending March 2023.
Founded in 2013 by IIT Madras alumni Mehta and Swapnil Jain, Ather is backed by Hero MotoCorp, GIC, NIIF, Sachin Bansal, and Tiger Global.
Last week, MotoCorp and Ather Energy entered into a partnership for an interoperable fast-charging network in the country, touted as the first-ever interoperable fast-charging network for EV two-wheelers anywhere in the world.
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