New Delhi. Hero MotoCorp has acquired an additional 3 per cent stake in electric vehicle maker Ather Energy for about Rs 140 crore.
According to regulatory filings, Hero MotoCorp made the investment through purchase of additional shares from existing shareholders of Ather Energy.
Hero MotoCorp now holds 39.7 percent stake in Ather Energy.
In September, Ather had raised Rs 900 crore from Hero MotoCorp and global investment firm GIC through a rights issue.
Ether is reportedly preparing for its initial public offering (IPO) and plans to list in late 2024 or early 2025.
Meanwhile, Ather Energy’s losses widened by more than 2.5 times in financial year 2022-23.
According to the annual financial statements filed with the Registrar of Companies (ROC), the EV startup reported a loss of Rs 864.5 crore in FY2013, compared to a loss of Rs 344.1 crore in FY2012.
Despite strong sales, Ather’s total expenses more than tripled to Rs 2,670.6 crore in FY20 from Rs 757.9 crore in FY20.
The increase in losses came despite a 4.3-fold increase in the company’s revenue from operations to Rs 1,784 crore for the financial 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 partnered for an interoperable fast-charging network in the country, which is believed to be the first interoperable fast-charging network for EV two-wheelers anywhere in the world.
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Web Title-Hero MotoCorp buys additional 3 percent stake in Ather Energy for Rs 140 crore