Indian e-scooter maker Ather raises $108mln from Hero MotoCorp, GIC - ZAWYA

Indian electric scooter maker Ather Energy has raised INR 9 billion ($108 million) from shareholders Hero MotoCorp and Singapore's GIC through a rights issue. Ather plans to utilize the funds to launch new products and expand its charging network. Hero MotoCorp has a 33.1% stake in Ather and had previously approved an investment of up to INR 5.50 billion. The latest fundraising comes as the Indian government is pushing for electric two-wheelers to account for 70% of all two-wheeler sales by 2030.

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