Hero MotoCorp has increased its stake in electric two-wheeler manufacturer Ather Energy to approximately 32.8% by acquiring shares from Singapore’s sovereign wealth fund, GIC. The transaction strengthens Hero MotoCorp’s position in Ather as the electric two-wheeler company continues to expand its presence in India.
According to bulk deal data, Hero MotoCorp acquired 1.19 crore Ather Energy shares at ₹1,480 per share on the NSE on August 28. The transaction was valued at approximately ₹1,758.24 crore. Following the acquisition, Hero MotoCorp’s holding in Ather increased from 29.88% to 32.8% on a fully diluted basis.
Ather Energy is already an associate company of Hero MotoCorp and operates in the electric two-wheeler and charging infrastructure segment. The latest transaction represents another increase in Hero MotoCorp’s investment in the Bengaluru-based electric mobility company.
The investment comes after Ather recently raised ₹1,200 crore through a preferential issue. Hero MotoCorp participated in that fundraising with an investment of nearly ₹960 crore, while the India-Japan Fund (IJF) invested ₹200 crore. Ather co-founders Tarun Mehta and Swapnil Jain also participated, investing ₹20 crore each.
Hero MotoCorp has been steadily increasing its investment in Ather, and the latest share acquisition further raises its ownership in the electric two-wheeler manufacturer. Hero MotoCorp has also stated that the latest acquisition does not require any governmental or regulatory approvals.
Ather’s business performance has also continued to expand. The company reported turnover of ₹3,671.76 crore in FY26, up from ₹2,255 crore in FY25 and ₹1,753.8 crore in FY24. The figures indicate a substantial increase in the company’s revenue base over the past three financial years.
In the electric two-wheeler market, Ather retained the third position in July, according to Vahan data. The company recorded 28,819 registrations, giving it a 14.89% market share during the month. However, its registrations declined 8.3% month-on-month, with 2,616 fewer registrations compared with June.
The latest investment was also followed by a rise in Ather’s share price. Following the transaction, Ather shares closed 8% higher at ₹1,616.30, taking the company’s market capitalisation to approximately ₹63,762 crore, or around $6.7 billion.
The increased stake gives Hero MotoCorp a larger ownership position in Ather at a time when India’s electric two-wheeler market continues to develop. Ather’s operations span both electric scooters and charging infrastructure, making the company an important part of Hero MotoCorp’s broader exposure to electric mobility.
The transaction also follows a series of investments by Hero MotoCorp in Ather, demonstrating the established motorcycle manufacturer’s continued commitment to the electric two-wheeler business. Rather than being a fresh entry into Ather, the latest deal represents a further increase in Hero MotoCorp’s existing stake.
For Ather, the transaction comes alongside continued investment in the business and growth in its financial performance. The company’s turnover has increased significantly over the last three financial years, while its position in the electric two-wheeler market provides it with a significant operating base.
Key takeaway: Hero MotoCorp has acquired 1.19 crore Ather Energy shares from GIC for approximately ₹1,758.24 crore, increasing its stake in Ather from 29.88% to 32.8% on a fully diluted basis. The transaction further strengthens Hero MotoCorp’s position in India’s electric two-wheeler sector.
