Ather Energy raises Rs 900 crore from Hero MotoCorp, GIC to launch new products 

Electric two-wheeler manufacturer Ather Energy has successfully raised Rs 900 crore through a rights issue, with contributions from existing shareholders Hero MotoCorp and GIC. The funds acquired will be allocated for launching new products, expanding the company's charging infrastructure, and growing its retail network.

Hero MotoCorp recently declared an additional investment of Rs 550 crore in Ather Energy, increasing its shareholding in the company to 33.1 per cent. Ather Energy's CEO and co-founder, Tarun Mehta, expressed confidence in the strong support shown by shareholders.

"There was strong support for the rights issue, and we are very happy to see the confidence exhibited by shareholders," Ather Energy Chief Executive Officer and Co-Founder Tarun Mehta said.

India's transition to electric mobility

He emphasised the significant role that electric two-wheelers will play in India's rapid transition to electric mobility. He also highlighted the company's commitment to investing in research and development for 2023–2024 to further enhance its product offerings and market presence.

"We have always believed that this transition will be led by world-class technology and products designed and built in India, and this year will be no different with our largest outlay on research and development yet, planned for 2023–24." "This round will allow us to grow our product portfolio while expanding our footprint," he added.

(With PTI inputs)