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Electric vehicle start-up Ather Energy bags Rs 205 cr from Hero MotoCorp

 

Mutual funds' share in m-cap at a new high

  Pawan Munjal-led Hero MotoCorp has invested Rs 205 crore to pick up 26-30 per cent stake in domestic electric vehicle (EV) maker Ather Energy. Hero, the largest two-wheeler maker in the country will continue with its internal EV projects as well.

 

"Hero MotoCorp intends to enhance its participation in the EV space by pursuing its internal EV program in addition to partnering with Ather. Adoption of environment-friendly fuel is a priority for Hero MotoCorp, as is propagating sustainable manufacturing through green facilities," the company said in a statement.

Ather is a Bengaluru-based technology start-up engaged in the business of designing and manufacturing smart EVs and associated charging infrastructure. Founded in 2013, Ather has received funding from Tiger Global and Flipkart founders Sachin and Binny Bansal.

In February this year Ather unveiled its electric scooter, S340. Packed with a powerful Lithium Ion battery pack, top speed of 72 kmph and a range up to 60 kms, this scooter claims to achieve an 80 per cent charge in just 50 minutes. The touchscreen dashboard integrates cloud-based data to help personalise the consumer ride experience. Features like user profile-based sign in, on-board navigation, pre-configured drive modes like sport and economy allow a personalised experience.

The company is gearing up for production of the S340 by the end of the year at its Bengaluru unit. It also aims at setting up an ambitious public charging infrastructure in every city it will operate in, partnering with government and private enterprises.