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Hero MotoCorp will increase its stake in electric two-wheeler manufacturer Ather Energy, purchasing an additional 2.2% stake for around Rs 124 crore.

In a filing with the stock exchanges, Hero MotoCorp’s board said the investment is being made by purchasing additional shares from an existing shareholder of Ather Energy.

This follows an earlier share purchase by the leading two-wheeler brand in Ather for an additional 3% stake, totalling Rs 140 crore.

Hero MotoCorp is a key investor in Ather, which also has the likes of Tiger Global and GIC of Singapore on its captable.

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Ather Energy raises $34.5M from co-founders, Stride Ventures

Recently, Ather raised Rs 286 crore through a combination of debt and equity, with venture debt firm Stride Ventures investing Rs 200 crore through non-convertible debentures. Ather co-founders Tarun Sanjay Mehta and Swapnil Babanlal Jain pumped in Rs 43.28 crore each through Series F compulsory convertible preference shares.

The funding round follows nine months after the IPO-bound firm secured Rs 900 crore from existing stakeholders Hero MotoCorp and GIC through a rights issue.

Ather Energy reported a turnover of Rs 1,753.8 crore for FY24, as compared with Rs 1,784 crore in FY23.

Founded in 2013, the Bengaluru-based EV company designs and manufactures two-wheelers with three brands—Ather 450X, Ather 450 Plus, and Ather 450S. It also has a network of over 1,400 charging stations across 100 cities.

Ather is one of the leading brands in the Indian two-wheeler EV market, with its closest competitor being Ola Electric.