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Hero Motocorp Ather Stake: In September, the electric scooter maker had raised INR 900 crore in fresh funding from Hero MotoCorp and GIC. Prior to that, Hero had partially led a USD 128 million fund raise into Ather in January 2022.
In September, the electric scooter maker had raised Rs 900 crore in fresh funding from Hero MotoCorp and GIC. Prior to that, Hero had partially led a $128-million fundraise into Ather in January 2022.
Ather Energy, the electric vehicle company backed by Hero MotoCorp, reported a significant increase in losses for the financial year 2022-23. The company's losses surged more than 2.5 times to reach Rs 864.5 crore, compared to Rs 344.1 crore in the previous year. Despite strong sales, Ather's total expenses more than tripled to Rs 2,670.6 crore. The company plans to use the recently raised funds of Rs 900 crore for new product launches and the expansion of its charging infrastructure and retail network. Ather Energy currently has over 200 retail touchpoints and a public fast-charging network a...