SUMMARY
- Ather Energy to launch its first electric motorcycle, backed by a new factory and a Rs 3,100 crore IPO.
- The firm, now a unicorn, seeks growth with a new facility and IPO, despite a Rs 183 crore Q1 loss.
- The company plans expansion and new models with a Rs 3,100 crore IPO, following its recent unicorn status.
Electric scooter manufacturer Ather Energy will soon introduce its first electric motorcycle.
In its draft red herring prospectus (DRHP), Ather stated, “We plan to manufacture our new scooter and motorcycle platforms at Factory 3.0, with a phased expansion plan, to ensure efficient capital utilization.”
With an investment of more than Rs 2,000 crore, the business announced in June that it will open its third production facility in Maharashtra. Also the firm plans to use an initial public offering (IPO) to raise Rs 3,100 crore.
With the help of $71 million fundraising from current investor National Investment and Infrastructure Fund, the Tarun Mehta-led company recently joined the elite unicorn club. Ather reported revenue of Rs 339 crore in the first quarter of the current fiscal year, along with a net loss of Rs 183 crore during the same period. The company recorded a little drop in revenue in FY24, totaling Rs 1754 crore as reported by Entrackr.
