Two-wheeler EV manufacturer Ather Energy’s net loss has jumped by 22.5% to Rs 1,059.7 crore in FY24 from Rs 864.5 crore in FY23.
The annual financial statements of Hero MotoCorp suggest that the EV manufacturer’s revenue from operations went up by 0.3% from Rs 1,783.60 crore to Rs 1,789.10 crore in the same period.
It is pertinent to note that Hero MotoCorp owns a 40.89% stake in Ather Energy on a fully diluted basis. The latter cost the former Rs 389.77 crore in losses in the financial year ended March 2024 as compared to Rs 192.5 crore in FY23.
Yet, Hero MotoCorp has announced an additional 2.2% stake acquisition in the EV startup for Rs 124 crore.
Cofounded by Tarun Mehta and Swapnil Jain in 2013, Bengaluru-based Ather Energy offers two escooters, namely Ather 450X, and Ather 450S. It is a prominent name in the Indian two-wheeler EV marketplace contending with the likes of TVS Motor, Hero MotoCorp’s Vida, Ola Electric, and Bajaj. The startup plans to expand its pan India network to 5,000 fast charging stations by the end of the year from 1,700 at present.
Ather Energy has two manufacturing plants in Tamil Nadu with a combined capacity to produce 4.2 lakh scooters a year, while the plan to establish a third manufacturing plant in Maharashtra is also under works.
Notably, Ather Energy is aiming for a public listing in H2 CY24 at a valuation of nearly $2 billion as the EV startup converted into a public entity in June 2024.
