SUMMARY
- Two-wheeler EV company Ather Energy has reportedly raised funding of Rs 600 crore or $71 million from its current investor, the National Investment and Infrastructure Fund (NIIF) at a valuation of $1.3 billion.
- This makes Ather the newest addition to India’s list of unicorns this year, joining Bhavish Agarwal’s artificial intelligence firm Krutim AI, fintech startup Perfios, and ride-sharing platform Rapido.
- The EV company is aiming to go public by the end of 2024, with an estimated valuation of around $2 billion.
Two-wheeler EV company Ather Energy has reportedly raised funding of Rs 600 crore or $71 million from its current investor, the National Investment and Infrastructure Fund (NIIF) at a valuation of $1.3 billion.
This makes Ather the newest addition to India’s list of unicorns this year, joining Bhavish Agarwal’s artificial intelligence firm Krutim AI, fintech startup Perfios, and ride-sharing platform Rapido.
Established in 2013 by Tarun Mehta and Swapnil Jainy, Ather Energy stands out as a key figure in the electric two-wheeler market in India. Beyond manufacturing and servicing electric two-wheelers, the company also operates charging stations, engages in the storage, distribution, and management of electric power, and offers additional services.
The electric vehicle company had NIIF as an investor in its Series E funding round where it raised $128 million, which also included an existing investor, Hero MotoCorp, among others.
This latest funding round comes after securing a debt of Rs 60 crore or $7.1 million through non-convertible debentures (NCDs) from InnoVen Capital.
The EV company is aiming to go public by the end of 2024, with an estimated valuation of around $2 billion. In preparation for its initial public offering (IPO) launch, the company has transitioned into a public entity.
Meanwhile, Ather Energy’s net loss increased by 22.5% to Rs 1,059.7 crore in FY24 from Rs 864.5 crore in the previous fiscal year, as detailed in Hero MotoCorp’s annual report.
The company’s earnings from operations saw a slight increase of 0.3% to Rs 1,789.10 crore in FY24 from Rs 1,783.60 crore in FY23.
In May, the EV company raised Rs 286 crore or $34 million from founders Mehta and Jain and Stride Ventures in a combination of debt and equity funding. Mehta and Jain each hold almost 7% stake in Ather as per Tracxn.
As of Monday, Ather has a market cap of Rs 48,258.89 crore or $7 billion on the BSE up against its last valuation of $5.4 billion.
Notably, last month, Bengaluru-based ride-sharing company Rapido secured a funding of $120 million or Rs 1,000 crore from its existing investors, WestBridge Capital, pushing its total value to a little over $1 billion in a recent Series E funding round through its related entities – Setu AIF Trust, Konark Trust, and MMPL Trust.
