HomeBusinessHero MotoCorp acquires additional 3% stake in Ather Energy for Rs 140...

Hero MotoCorp acquires additional 3% stake in Ather Energy for Rs 140 Cr

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Ather Energy Bags INR 550 Cr Funding From Hero MotoCorp
  1. Hero MotoCorp acquired an additional 3% stake in Ather Energy for Rs 140 crore, raising its ownership to 39.7% from 36.7%.
  2. The investment involves the purchase of extra shares from existing Ather shareholders like Tiger Global, GIC, Caladium Investment, and Navi founder Sachin Bansal.
  3. Ather recently raised Rs 900 crore ($108 million) in a right issue from Hero MotoCorp and GIC. Earlier, in May 2022, it secured $128 million in a Series E round.
  4. Ather witnessed significant growth, with revenue surging 4.36X to Rs 1,784 crore in FY23. However, losses also increased substantially, rising 2.5X to Rs 864.5 crore during the same period.
  5. Ather is preparing for an IPO and aims to get listed by Diwali 2024 or early 2025. Conversely, its competitor Ola Electric reported a revenue increase of 510% to Rs 2,782 crore in FY23 and is expected to file IPO papers before December 20.
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