Even as two-wheelers face the heat due to strict emissions norms, Hero MotoCorp seems to be taking a slightly different approach towards electric two-wheelers.
The country’s largest two-wheeler manufacturer has entered into yet another round of funding in Bengaluru-based startup Ather Energy.
The move will help the company launch its electric products in the coming years.
According to documents filed with the registrar of companies, hero MotoCorp is increasing its stake in Ather Energy, almost taking it to 34.8%, according to documents filed with the registrar of companies (RoC).
Investing
The latest deal, worth Rs 420 crore, will also give Hero MotoCorp. The option to further invest in the electric vehicle startup’s second round of funding.
The board of directors at Hero MotoCorp have approved funding of Rs 420 crore to sustain their joint venture with Ather Energy. The company started first investing in Ather back in 2016.
With the latest investment, Ather Energy may be eyeing to assault developing markets, primarily India.
Ather is also working on its few electric products expected to hit the Indian streets in the coming years.
via Auto Hindustan
