NEW DELHI: Hero MotoCorp has acquired an extra 3 per cent stake in electrical automobile producer Ather Vitality for almost Rs 140 crore.
Hero MotoCorp made the funding via the acquisition of extra shares from present shareholders of Ather Vitality, based on regulatory filings.
Hero MotoCorp now has a 39.7 per cent stake in Ather Vitality.
In September, Ather raised Rs 900 crore from Hero MotoCorp and world funding agency GIC via a rights problem.
Ather is reportedly gearing up for its preliminary public providing (IPO) and has plans to get listed by finish of 2024 or early 2025.
In the meantime, Ather Vitality’s losses surged greater than 2.5 instances within the monetary yr 2022-23.
The EV startup reported a lack of Rs 864.5 crore in FY23, in opposition to a lack of Rs 344.1 crore in FY22, based on its annual monetary statements filed with the Registrar of Corporations (RoC).
Ather’s whole bills greater than tripled to Rs 2,670.6 crore from Rs 757.9 crore in FY22, regardless of robust gross sales.
The surge in losses was reported even after the agency’s income from operations grew 4.3 instances to succeed in Rs 1,784 crore through the fiscal yr ending March 2023.
Based in 2013 by IIT Madras alumni Mehta and Swapnil Jain, Ather is backed by Hero MotoCorp, GIC, NIIF, Sachin Bansal, and Tiger International.
Final week, MotoCorp and Ather Vitality entered right into a partnership for an interoperable fast-charging community within the nation, touted because the first-ever interoperable fast-charging community for EV two-wheelers wherever on this planet.
