Hero Motocorp invest Rs.180 crore in electric scooter maker Ather Energy

By | October 28, 2016

Ather Energy

Ather a Indian based electric vehicles start-up company, basically technology based designing and making smart electric vehicle with a apartnership with charging infrastructure.

The Hero Moto Corp, one of the worlds largest two-wheeler manufacturing concerned has invested Rs.180 crores on Ather Energy, it comes in exchange of around 26-3. percent stake. As per reports, the Board of Directors of Hero Moto Corp has approved an investemnt of up to Rs.205 crore, out of that approval amount.

Pawan Munjal, Chairman, MD and CEO, Hero MotoCorp, said,

As the market leader and a global automotive major, Hero MotoCorp takes the lead in many areas that benefit the environment, customer and the industry. Adoption of environment-friendly fuel is a priority for Hero MotoCorp, as is propagating sustainable manufacturing through green facilities. Hero MotoCorp intends to enhance its participation in the EV (electric vehicle) space by pursuing its internal EV program in addition to partnering with Ather. We see this as an important step in building the necessary ecosystem needed to support the commercialisation of EVs in the country.

Founded in 2013 by IIT Madras graduates Tarun Mehta and Swapnil Jain, Ather Energy is developing an electric two-wheeler. Currently, the startup has a team of over 150 employees and is presently in the stage of product testing and vendor finalisation for the S340.

Tarun Mehta, CEO and Co-founder of Ather Energy, said,

The funding is a strong validation of our product roadmap and technology capability, endorsed by one of the biggest global automotive players. We believe smart connected electric vehicles are the future, and India will be an important global player in it. Our vision is to fast forward to that future, and this investment will help us leapfrog several years of automotive experience.

The company’s first connected vehicle — Ather-S340 — is said to be the first electric scooter which has been completely designed and manufactured out of India. It features a digital touchscreen dashboard, has a light-weight aluminium chassis and offers a top speed of up to 75 kmph. It will allow users to create personalized profiles, choose riding modes and set other ride preferences.

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