Hero MotoCorp to invest Rs 550 crore in EV maker Ather Energy

Hero MotoCorp said it will invest Rs 550 crore or around $66 million in Ola Electric rival Ather Energy via a rights issue.

Currently, HMCL held a 33.1% stake, which will increase after this investment.

This comes after Ather Energy reportedly dropped its plans to raise $250 million. The round could have valued Ather at $1.3 billion

Ather was last near to achieving unicorn status after it raised $50 million in funding from existing investor Caladium at $700-800 million.