Ather Electric: EV Two-wheeler manufacturer recenty came in a collaboration with Hero Moto Corp to raise Rs 550 Crore. The EV startup will raise funds via right issues. Regarding this, the multinational motorcycle manufacturer, Hero Moto Corp has passed a resolution in a board meeting organized on September 4, according to the resolution, Hero Moto Corp will invest Rs 550 Crore.
Hero Moto Corp is already an existing investor and associate of the Ather. Hero Moto Corp holds 33.1 percent stake of the company.
This funding comes almost 11 months after Ather collected $50 Mn from Caladium Investment. Earlier, Ather raised $128 Mn from NIIFL and Hero MotoCorp in May last year.
Ather Energy was started in 2013 by Tarun Mehta and Swapnil Jain. Now, the Ather has two manufacturing plants, one of which is based in Hosur, Tamil Nadu where most of the vehicle of Ather are manufactured and another one is located in Bengaluru which has an annual manufacturing capacity of 4.2 Lakh units.
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