Bengaluru-based electric scooter maker Ather Energy, which competes with listed EV giant Ola Electric, has joined the unicorn startup club after raising $71 million (or Rs 596 crore) in a funding round led by the government-owned National Investment and Infrastructure Fund.
National Investment and Infrastructure Fund Limited is an Indian public entity. company which maintains infrastructure investment funds for international and Indian investors backed by the Government of India.
Valuation rises to $1.3 billion
While there has been no official announcement regarding the fundraising, several media reports suggest that the electric vehicle maker, which operates primarily in the premium segment, has achieved a valuation of $1.3 billion.
Before Ather Energy, another Bengaluru-based startup, Quickly, he became a unicorn after raising over Rs 1,000 crore in funding from existing investor WestBridge Capital at a post-money valuation of $1 billion.
Support from leading investors
Ather Energy is already backed by leading investors including Stride Ventures, Hero MotoCorp, GIC, Caladium Investments, Herald Ventures, InnoVen Capital and Zerodha co-founder Nikhil Kamath.
It is worth noting that Hero MotoCorp is a major shareholder, with about 40% stake in Ola Electric’s rival. In June, Hero MotoCorp announced plans to increase its stake in the company by 2.2% for Rs 124 crore.
Partnership with Amara Raja Energy
Earlier this month, Ather Energy partnered with Amara Raja Energy and Mobility Ltd.
The partnership enabled Amara Raja’s subsidiary, Amara Raja Advanced Cell Technologies, to develop and supply nickel manganese cobalt (NMC) and lithium iron phosphate (LFP) lithium-ion cells designed for Ather’s electric scooters.
Planning for IPO
Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather Energy designs, manufactures and sells electric two-wheelers, including popular models like the Ather 450X, Ather 450 Plus, Ather 450S and Ather Rizta.
The startup also has an extensive network of more than 1,400 charging stations in 100 cities.
While its competitor Ola Electric recently went public, Ather Energy also converted became a public limited company in late June as part of its plans to launch an IPO in the near future.
For fiscal year 24, Ather Energy Revenue stood at Rs 1,789 crore, compared with Rs 1,783 crore in the previous fiscal year, according to Hero MotoCorp’s annual report.
The company’s net loss widened to Rs 1,059.7 crore in FY24 from Rs 864.5 crore in FY23.
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