Ather Energy handed over the first 450X electric scooter in Delhi to Dr Pawan Munjal, Chairman and CEO, Hero MotoCorp. The announcement comes just days before the EV start-up is all set to begin operations in Delhi-NCR. The Ather 450X was personally handed over to Dr Munjal by Ather co-founder Tarun Mehta in Delhi. Do note that Hero MotoCorp has been one of the early investors in Ather Energy since 2016 and currently has a 35 per cent shareholding in the EV maker.
Speaking about the handover, Tarun Mehta, co-founder, Ather Energy said, "We have launched the Ather 450X across markets in the past few months and are now delighted to begin our retail operations in New Delhi. To kick-start this phase, we are happy to deliver the first vehicle in Delhi to Dr Pawan Munjal. Not only has Dr Munjal instilled confidence in Ather as one of our key investors but he also has been a mentor to me and Swapnil personally over the years. This is an extremely proud moment for us."
Dr Pawan Munjal, said, "I am truly delighted to receive Ather 450X Scooter from Tarun. Sustainability and clean energy remain at the core of Hero MotoCorp's vision - 'Be the Future of Mobility.' I congratulate Tarun, Swapnil and the entire team for developing this technologically-advanced and connected vehicle for customers in the country."
Hero MotoCorp had originally invested in Ather Energy in 2016 to the tune of ₹ 205 crore that was released in tranches to the firm. In 2020, the company increased its stake further from 31.27 per cent to 34.58 per cent with a fresh investment of ₹ 84 crore as an extension of its Series C round of funding. Apart from Hero MotoCorp, Ather's investors include Sachin Bansal and Binny Bansal, InnoVen Capital, IIT-Madras, Aerospike founder Srini V Srinivasan, and Tiger Global Management.
In the past year, Ather Energy introduced the 450X and 450 Plus electric scooters in the market and has been on a rapid expansion spree. The company is currently present in 28 markets pan India. The brand also commenced operations at its massive manufacturing facility in Hosur, Tamil Nadu, which will cater to the rising demand.