Bengaluru-based electric scooter manufacturer Ather Energy has secured Rs 60 crore (over $7 million) in debt funding from Stride Ventures through its trustee, Vistra ITCL.
This marks the second debt infusion in the past two months, following a Rs 200 crore investment by Stride Ventures in May, which was reported by Entrackr. The recent debt raise is part of Ather’s continued effort to secure funding ahead of its anticipated initial public offering (IPO).
Although the timeline for Ather’s IPO remains undisclosed, the company took a significant step towards going public by converting itself into a public company in June. Ather has amassed around $450 million in funding to date from investors including Tiger Global and Hero MotoCorp. According to startup data intelligence platform TheKredible, Hero MotoCorp, which holds a 38% stake in Ather, is considered an associate company.
Despite experiencing a four-fold growth in FY23, Ather’s revenue from operations slightly decreased to Rs 1,754 crore in FY24 from Rs 1,781 crore in FY23, as disclosed by Hero MotoCorp. The sale of scooters remains Ather’s primary revenue source, supplemented by after-sale and subscription services.
In June 2024, Ather maintained its position as the fourth largest two-wheeler EV manufacturer in India, selling 6,097 units and holding a market share of 7.66%, according to Vahan data. Its main competitor, Ola Electric, led the market with sales of 36,716 units and a market share of 44%.
Looking to expand its production capabilities, Ather recently announced plans to establish its third manufacturing plant in Maharashtra with an investment of Rs 2,000 crore. The new facility will focus on producing electric two-wheelers and battery packs, further cementing Ather’s commitment to scaling up its operations and market presence.
Source: Entrackr
