HERO MOTOCORP ATHER
VCs chase auto parts makers to hitch a ride on EV journey
Smaller component makers for electric vehicles (EVs), many of which started with other businesses before pivoting to their current business mainstays, are increasingly attracting interest from venture capital firms amid a boom in EV sales. The boom in EV sales, as demonstrated in the sales of passenger EVs jumping 91% and of commercial EVs tripling year-on-year (YoY) in FY24, has meant that the demand for parts has also soared.
VCs chase auto parts makers to hitch a ride on EV journey
Smaller component makers for electric vehicles (EVs), many of which started with other businesses before pivoting to their current business mainstays, are increasingly attracting interest from venture capital firms amid a boom in EV sales. The boom in EV sales, as demonstrated in the sales of passenger EVs jumping 91% and of commercial EVs tripling year-on-year (YoY) in FY24, has meant that the demand for parts has also soared.
Ather Energy converts to public limited company on road to IPO
Ather's board greenlit the change at its annual general meeting (AGM) last week, and the EV scooter maker will change its name to Ather Energy Limited, from Ather Energy Private Limited earlier, sources told ET. Ather plans to raise $75-90 million (about Rs 750 crore) in primary funding from new and existing investors, ET had reported on April 23.
Ather Energy plans to build third plant in Maharashtra's Aurangabad: Report
Ather Energy reportedly planning to invest about Rs 1,000 crore in the plant. Spanning across 100 acres in phases, the plant will be situated in Bidkin town within Aurangabad. Ather's existing assembly and battery plants are currently located in Hosur, Tamil Nadu.
Sachin Bansal exits Ather Energy selling remaining stake to Hero MotoCorp, Nikhil Kamath
Hero MotoCorp bought this stake at an inferred valuation of Rs 5,636 crore. This is a premium to the Rs 4,666-crore valuation at which the company had invested Rs 140 crore in Ather in December 2023.
HSBC cuts Elastic Run valuation; Hero MotoCorp doubles down on Ather
HSBC has cut its valuation estimate for B2B ecommerce firm Elastic Run by nearly half, bringing it under $1 billion. More on this in today’s ETtech Top 5.
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Hero MotoCorp invests Rs 124 crore into Ather Energy, valuation up 20% at Rs 5,636 core
Hero MotoCorp, which was already the largest shareholder in Ather Energy, now holds over 40% of the firm’s total shareholding. The investment comes just a week after the company raised Rs 286 crore ($34 million) from its founders and Stride Ventures in a mix of debt and equity funding.
Hero MotoCorp invests Rs 124 crore into Ather Energy, valuation up 20% at Rs 5,636 core
Hero MotoCorp has invested Rs 124 crore into Ather Energy, a significant electric scooter manufacturer, increasing its share by 2.2% and solidifying its position as the largest shareholder. This investment, made at an inferred valuation of Rs 5,636 crore, underscores Hero's commitment to the electric vehicle market.
Stocks in news: Hero MotoCorp, ICICI Bank, ITC, PB Fintech, Tata Chemicals, Indian Oil
Benchmark indices show positive momentum for the second consecutive day with lower volatility compared to the results day. Hero MotoCorp, ICICI Bank, ITC, PB Fintech, Tata Chemicals, and Indian Oil are in focus for various news developments. Allcargo Terminals, Bajaj Finserv, RVNL, Muthoot Microfin, and Pidilite Industries have also made significant announcements.
Hero MotoCorp raises 2.2% stake in Ather Energy for about Rs 124 cr
Last year too, Hero had hiked about 3% stake in Ather Energy for about Rs 340 crore. The latter has raised Rs 286 crore from its founders and Stride Ventures in a mix of debt and equity funding. Ather Energy counts the likes of Tiger Global and Singaporean Sovereign Wealth Fund GIC among its investors
Ather Energy raises Rs 286 crore from founders and Stride Ventures
Ather Energy raised Rs 286 crore from founders and Stride Ventures through a mix of debt and equity funding, including series F and series C3 investments.
Hero MotoCorp plans to expand electric model range to increase customer base
Hero MotoCorp expands its electric two-wheeler segment presence with new models and plans for significant growth. The company aims to enter European and UK markets, launch new scooters, and accelerate growth for FY25 and beyond.
Hero MotoCorp, India's top two-wheeler maker, has a three-pronged strategy for the EV sector
Hero MotoCorp, led by CEO Niranjan Gupta, aims to boost EV sales with strategic acquisitions. Gupta, with a 30% stake in Ather Energy, plans to expand the VIDA portfolio with affordable variants and enhance the charging infrastructure network.
Hero MotoCorp planning to launch electric two wheelers in mid and affordable segment
Hero MotoCorp plans to launch electric vehicles in the mid and affordable segment, aiming for international sales growth. CEO Niranjan Gupta expresses optimism about industry growth and Q4 profits, facing competition from TVS Motor, Bajaj Auto, Ather Energy, Ola Electric.
Ather eyes new round, Nikhil Kamath buys big part of Sachin Bansal’s holding
Sources told ET Ather Energy is also in the final stages of plans to raise $75-90 million (about Rs 750 crore) in primary funding from existing investors. This underscores increasing investor interest in the company and the mobility segment. The company is also approaching new investors.
Ola Electric slashes S1 X scooter prices
Ola Electric reduces S1 X scooter prices to bolster market position against Ather's Rizta. FY24 market leader with extended warranty and sales surge. Transition from FAME-II subsidies to EMPS. Subsidy approvals granted to key players.
Battle of e-scooters for customers moves to India’s hinterland
The electric scooter segment in India is set for a fierce battle between legacy and new-age OEMs with the launch of Ather Energy's Rizta. Distribution and finance options in small towns and cities will determine the outcome. Legacy OEMs like TVS and Bajaj are expanding their networks, while new-age OEMs face challenges in rural areas due to financing limitations. Offering affordable solutions and innovative financing options could change market dynamics in favor of new-age OEMs.
Small towns make it big for Ather’s electric two-wheeler sales
Started in 2013, Ather Energy, the fourth largest electric two-wheeler maker, has sold 2.3 lakh units cumulatively. The company sold more e-scooters in Tier 2 and 3 cities than in the metros and Tier 1 cities put together.
Ather will need few more years of external capital, govt subsidies to grow: CEO Tarun Mehta
Tarun Mehta, CEO of Ather Energy, told ET that the company would continue to look for external capital, but that the funds would be used to launch new products and grow the business instead of “handling business cash losses”.
India must keep e-scooter subsidies to boost adoption, Ather CEO says
India's e-scooter market is small but growing, accounting for 5% of total two-wheeler sales in fiscal 2023-2024. Ather was one of the first to drive the pick-up in adoption with the launch of its 450 series of e-scooters in 2018, but has fallen behind larger rivals Ola Electric and TVS Motor, whose discounts have driven sales.
Green light for EV cos to claim subsidy under new scheme
Hero MotoCorp, Bajaj Auto, TVS, Ather Energy, Ola Electric Mobility, and Kinetic Green have been approved to sell two-wheelers and claim subsidies under the Electric Mobility Promotion Scheme (EMPS), 2024. The scheme, which aims to support 372,000 electric vehicles, is a fund-limited initiative from April 1 to July 31, 2024.
Electric two-wheeler sales surge by 33.3% in 2023-24, Ola tops chart
Electric two-wheeler sales soared in 2023-24, led by Ola Electric. Major players like TVS Motor and Bajaj Auto made significant strides. Despite challenges for some OEMs, the new EMPS aims to promote EVs with lower subsidies.
Ather picks HSBC, JPMorgan, Nomura, Indian banks for IPO, sources say
Indian electric-scooter maker Ather Energy Pvt has selected banks including HSBC, Nomura, and JPMorgan for its IPO. The company, founded by Tarun Mehta and Swapnil Jain, may raise up to $400 million. The IPO could take place in the second half of the year.
Electric two-wheeler market sees huge 24% growth in February. Ola at top of sales chart
The electric two-wheeler market in India experienced a surge in registrations in February 2024, indicating the growing traction of electric vehicles. Ola Electric led the pack with the highest registrations and market share, followed by TVS Motor, Bajaj Auto, and Ather Energy.
Ather ends 2023 on a high note, rolls out 200,000th EV since its inception
Ather Energy concludes 2023 on a high, celebrating the rollout of its 200,000th electric vehicle since inception. The Bengaluru-based startup, supported by Hero MotoCorp and Sachin Bansal, plans an IPO by 2024. Despite substantial losses, Ather's revenue tripled to Rs 1,784 crore in FY23.
Hero MotoCorp increases stake in Ather, buys additional shares worth Rs 140 crore
In September, the electric scooter maker had raised Rs 900 crore in fresh funding from Hero MotoCorp and GIC. Prior to that, Hero had partially led a $128-million fundraise into Ather in January 2022.
Hero MotoCorp, Ather join hands for EV charging network
Hero MotoCorp has entered into a partnership with Ather Energy to establish an interoperable fast-charging network for electric two-wheelers in India. The collaboration will enable EV users to seamlessly utilize both VIDA and AtherGrids across the country, covering 100 cities with over 1,900 fast-charging points.
Two-wheeler EV maker Ather Energy rides into Nepal
Recently, the Tiger Global-backed EV startup secured Rs 900 crore in funding from two-wheeler major Hero MotoCorp and Singaporean sovereign wealth fund GIC, both of which are existing shareholders in Ather.
Ather raises Rs 900 crore from Hero MotoCorp, Singapore’s GIC
ET had reported on Monday that the Hero MotoCorp board had passed a resolution to invest Rs 550 crore in the firm via Series E2 compulsory convertible preference shares. The Rs 900 crore announced on Wednesday is inclusive of the amount announced on Monday.
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