Ather Energy: Two-wheeler maker Hero Motocorp has approved an investment of Rs 550 crore in the rights issue of Bengaluru-based start-up Ather Energy, a maker of electric vehicles. There are reports about Ather Energy these days that the company is also considering bringing an IPO by the year 2024. This direct investment from Hero MotoCorp will go a long way in the expansion of the EV maker. We are going to tell you about this news here.
$50 million raised in 2022
Hero MotoCorp already has a stake in Ather Energy. Ather Energy had worked to raise $50 million in 2022 in partnership with Herald Square Venture. A few days ago, the company’s Chief Executive Officer and co-founder Tarun Mehta said that Ather Energy is rapidly increasing its stake in the electric segment. Our sales figures are also increasing. Let me tell you, Ather Energy comes second after Ola Electric.
When was Ather Energy started?
Ather Energy was incorporated in the year 2013 by founders Tarun Mehta and Swapnil Jain, currently the company has a plant in Hosur, Tamil Nadu. From where most of the company’s EV vehicles are manufactured. Apart from this, the company also has a plant in Bangalore which manufactures 4.2 lakh units every year.
Know what are rights issues
Now the question is, what are these rights issues, then let us tell you, the company gives a certain proportion of shares to investors in exchange for funds. The number of shares held by shareholders also plays a role in this process. Hero Motorcorp had invested in the company’s shares once before.
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