Hero MotoCorp has announced an additional Rs 550 crore investment in Ather Energy.

The company's board of directors approved an investment of up to Rs 550 crore in Ather Energy's rights issue at its meeting on September 4, 2023, according to a regulatory filing by Hero MotoCorp.

The investment is conditional on the execution of definitive agreements and the fulfilment of certain requirements typical of a transaction of this sort, it noted.

Prior to the proposed transaction, Hero MotoCorp owned 33.1 percent of Ather, according to the country's largest two-wheeler manufacturer.

Last year in October, Ather Energy raised $50 million in equity funding led by its existing investor Caladium Investment Pte Ltd with participation from Navam Capital-backed Herald Square Ventures.

Last month, the Bengaluru-based startup launched an entry-level electric scooter model 450S in the country priced at Rs 1.29 lakh (ex-showroom Delhi).