Hero MotoCorp's board has approved an investment of up to ₹420 core in Bengaluru-based electric vehicle startup Ather Energy. The company said it currently holds a 34.8% stake in Ather on a fully diluted basis and its shareholding will increase after the investment. Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather counts Hero MotoCorp as an early investor.