Hero deepens EV push with over USD 100 mn Ather investment

Indian two-wheeler manufacturer Hero MotoCorp will invest up to INR 10 bn (USD 104 mn) in EV maker Ather Energy through an allcash preferential allotment, according to an exchange filing (pdf). The Abu Dhabi Investment Authority (Adia) picked up a stake worth INR 1 bn (USD 12 mn) as an anchor investor in Ather’s IPO last year.

Why it matters: The fresh capital investment underscores Hero’s long-term wager on India’s fastest growing electric two-wheeler market, where competition is intensifying and manufacturers are racing to scale production, expand charging networks, and strengthen distribution.

Hero’s position: Ather is already an associate company of Hero, which holds a 29.48% stake in the EV maker on a fully diluted basis as of 30 June. Hero’s final holding after the new investment will depend on the pricing and structure of Ather’s securities issue.

The bigger picture: Ather has rapidly expanded its business over the past few years, with its turnover rising to INR 36.7 bn (USD 382 mn) in FY 2026 from INR 22.55 bn (USD 234 mn) a year earlier. Besides designing and manufacturing electric two-wheelers, the Bengaluru-based company also operates charging infrastructure and battery-linked power management services.