The Bangalore based electric two wheeler manufacturer Ather Energy is going to receive a whooping amount of Rs. 130 crore investment by the Hero MotoCorp. Recently the automobile startup launched Ather 340 and 450 electric scooters. This launch is however a delayed one, as it had to go through a rigorous testing procedure. The company also has its own charging system also known as the Ather Grid for its electric scooters.
It isn’t the first time the Hero MotoCorp is going to invest on the Ather Energy. Earlier in 2016 they had invested Rs. 205 crore on the same. Hero MotoCorp has a 32.31 percent share of the electric vehicle startup. This recent investment will help them own a higher stake in Ather, who will issue 66320 convertible debentures. The EV startup has gathered investments worth Rs. 425 crores from the Tiger Global, Flipkart co-founders Sachin Bansal and Binny Bansal and ofcourse Hero MotoCorp. The Ather Energy was founded by two IIT Madras Alumni, Tarun Mehta and Swapnil Jain, in 2013. It launched their first scooter, the Ather S340 on 5th June of the current year. The scooter was first showcased in 2016, by the company. The company has a plant in Whitefield Bangalore. On the launch date the company had everyone shocked by releasing two scooters instead of one.
Evs are the future. They are a way to have a greener and pollution free environment and also decrease fuel consumption. Its a good initiative for the Hero MotoCorp to invest in such a startup. 30 Ev recharging stations have already been set up in Bangalore and 30 more will follow soon after. The scooters get charged really fast, 80% in a span of one hour.
Tarun briefed during the launch of the two scooters, “The gradeability varies in different locations within the city, and has its own gradiations. To top this, the acceleration for most petrol bikes are faster, and it therefore needs to be faster even for the electric scooter. If we want the consumer to choose an electric vehicle, all these factors matter.”
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