Ather Energy's Electric Ride to Funding Success
June 1, 2024, 3:30 pm
Location: India, Karnataka, Bangalore
Employees: 1001-5000
Founded date: 2013
Total raised: $325.04M
Ather Energy, the electric scooter manufacturer, recently secured a hefty $34.5 million in debt and equity funding. This funding round marks a significant milestone for the Bengaluru-based company, as it gears up for potential unicorn status in the near future.
In this latest funding round, Stride Ventures stepped up to the plate, investing a whopping Rs 200 crore through debentures. Additionally, Ather's co-founders, Tarun Sanjay Mehta and Swapnil Babanlal Jain, each contributed Rs 43.28 crore via Series F preference shares. This injection of capital sets the stage for Ather's continued growth and innovation in the electric vehicle market.
Looking back at Ather's financial journey, the company previously raised a substantial Rs 900 crore ($108 million) in a right issue last year, with investments from Hero MotoCorp and GIC. Hero MotoCorp further solidified its stake in Ather by acquiring a 3% share for Rs 140 crore. These strategic partnerships have positioned Ather for success in the competitive electric scooter landscape.
As Ather sets its sights on a potential pre-IPO round to raise $95 million, the company's valuation remains a topic of speculation. Reports suggest that Nikhil Kamath, co-founder of Zerodha, has acquired a significant portion of Sachin Bansal's stake in Ather, further reshaping the company's investor landscape.
Despite facing challenges in the market, Ather has demonstrated impressive growth in operational revenue, soaring to Rs 1,784 crore in FY23. However, the company also experienced a widening net loss of Rs 864.5 crore during the same period. These financial dynamics underscore the balancing act Ather must navigate as it scales its operations and expands its market reach.
In the realm of sales, Ather faced a 50% decline in electric two-wheeler sales in April, following a strong performance in March. The company sold 4,000 units in April, a stark contrast to the 17,000 units sold the previous month. Ola Electric emerged as a formidable competitor, capturing a significant portion of the market with over 33,000 units sold.
With key stakeholders like Hero MotoCorp, Sachin Bansal, Caladium Investment, and Tiger Global in its corner, Ather Energy is poised for continued growth and innovation. The company's recent launch of the 'Rizta' scooter targeting the family segment signals its commitment to expanding its product offerings and market presence.
As Ather Energy accelerates towards its next funding milestones and potential unicorn status, the electric ride to success continues to unfold, paving the way for a brighter, greener future in the world of electric mobility.
In this latest funding round, Stride Ventures stepped up to the plate, investing a whopping Rs 200 crore through debentures. Additionally, Ather's co-founders, Tarun Sanjay Mehta and Swapnil Babanlal Jain, each contributed Rs 43.28 crore via Series F preference shares. This injection of capital sets the stage for Ather's continued growth and innovation in the electric vehicle market.
Looking back at Ather's financial journey, the company previously raised a substantial Rs 900 crore ($108 million) in a right issue last year, with investments from Hero MotoCorp and GIC. Hero MotoCorp further solidified its stake in Ather by acquiring a 3% share for Rs 140 crore. These strategic partnerships have positioned Ather for success in the competitive electric scooter landscape.
As Ather sets its sights on a potential pre-IPO round to raise $95 million, the company's valuation remains a topic of speculation. Reports suggest that Nikhil Kamath, co-founder of Zerodha, has acquired a significant portion of Sachin Bansal's stake in Ather, further reshaping the company's investor landscape.
Despite facing challenges in the market, Ather has demonstrated impressive growth in operational revenue, soaring to Rs 1,784 crore in FY23. However, the company also experienced a widening net loss of Rs 864.5 crore during the same period. These financial dynamics underscore the balancing act Ather must navigate as it scales its operations and expands its market reach.
In the realm of sales, Ather faced a 50% decline in electric two-wheeler sales in April, following a strong performance in March. The company sold 4,000 units in April, a stark contrast to the 17,000 units sold the previous month. Ola Electric emerged as a formidable competitor, capturing a significant portion of the market with over 33,000 units sold.
With key stakeholders like Hero MotoCorp, Sachin Bansal, Caladium Investment, and Tiger Global in its corner, Ather Energy is poised for continued growth and innovation. The company's recent launch of the 'Rizta' scooter targeting the family segment signals its commitment to expanding its product offerings and market presence.
As Ather Energy accelerates towards its next funding milestones and potential unicorn status, the electric ride to success continues to unfold, paving the way for a brighter, greener future in the world of electric mobility.