Ather Energy Joins Unicorn Club with $71 Million Funding
Mumbai-based electric scooter manufacturer Ather Energy has made it to the coveted unicorn club, raising $71 million from existing investor National Investment and Infrastructure Fund (NIIF). This funding round, which was finalized last month, has catapulted the company’s valuation to $1.25 billion, marking a significant milestone in the e-mobility sector.
Ather Energy has passed a special resolution to issue 1,65,28,925 Series G compulsory cumulative preference shares at an issue price of Rs 363 each, raising Rs 600 crore or $72 million. This investment_Valuation was valued reveals that Hero MotoCorp remains the largest external stakeholder with a 38.11% stake, followed by Caladium Investment with 16.3%. Notable investors such as Tiger Global and Zerodha brothers also continue to back the company.
The electric two-wheeler manufacturer reported Rs 339 crore of revenue during the first quarter of the current fiscal year, despite incurring a net loss of Rs 183 crore in the same period. Ather Energy’s revenues decreased modestly to Rs 1754 crore in FY24. In contrast, its rival Ola Electric, which went public last month, posted Rs 1,644 crore in revenue during the first quarter of the ongoing fiscal year, with a net loss down by 17% to Rs 347 crore.
Ather Energy’s market share in the electric two-wheeler segment declined to 9% in the first quarter of FY25, from 11% in FY24. Ola Electric, on the other hand, secured a 42% market share in Q1 FY25, followed closely by TVS Electric with 19% share. Notably, Ola Electric’s market share declined in the first two months of Q2 FY25 (July and August).
This funding announcement by Ather Energy is expected to bolster the company’s ambitions to expand its portfolio of electric two-wheelers and solidify its position in the competitive e-mobility market.
