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.