Hero MotoCorp, the largest two-wheeler manufacturer in India, has announced its decision to increase its stake in electric two-wheeler maker Ather Energy. The company plans to invest an additional ₹140 crore ($18.8 million) in Ather Energy, which will raise its equity stake from 36.7% to 39.7%. The company has been actively investing in Ather Energy since January 2022 when it led a $128 million funding round.
Hero MotoCorp’s collaboration with Ather Energy goes beyond financial investments. The two companies have been working closely to develop an interoperable fast-charging network for two-wheelers in India. This charging grid, announced in December 2023, aims to cover 100 cities with over 1,900 fast-charging points. By investing in Ather Energy, Hero MotoCorp is not only securing its position in the EV market but also strengthening its partnership to drive the adoption of electric mobility in India.
Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, has recently bolstered its leadership team by welcoming two seasoned executives with extensive global expertise across various industries. The company has named Vivek Anand as its Chief Financial Officer (CFO) and Rachna Kumar as the Chief Human Resources Officer (CHRO). Both Vivek and Rachna will directly report to Niranjan Gupta, the CEO of Hero MotoCorp. Bringing nearly three decades of diversified industry knowledge spanning FMCG, Telecom, Consumer Healthcare, and Real Estate, Vivek is a Chartered Accountant by profession. He previously served as the CFO at DLF Limited for the past four years.
RTM Watch’s Take
Hero MotoCorp’s decision to increase its stake in Ather Energy reflects its commitment to the EV segment and its belief in the growth potential of electric two-wheelers in India. By strengthening its partnership with Ather Energy, Hero MotoCorp aims to leverage the expertise and technology of the electric scooter maker to drive innovation and expand its presence in the EV market. This strategic move aligns with the global shift towards sustainable mobility and positions Hero MotoCorp as a key player in the electric two-wheeler space in India.
