Funding · Mobility & Logistics

Ather Energy raises ₹50 crore debt from InnoVen Capital

By Startup Enthusiast · 29 September 2022

What they do

Ather Energy makes electric scooters and charging infrastructure

It raised ₹50 crore ($6.12 million) in debt from InnoVen Capital via NCDs

Total funding reaches ~$286 million; revenue grew 5X to ₹408.5 crore in FY22

Ather Energy raised ₹50 crore ($6.12 million) in debt from InnoVen Capital.
The debt was issued as 500 Series A NCDs (non-convertible debentures, a type of loan instrument) at ₹10,00,000 each.
This brings Ather's total funding to date to approximately $286 million.
The company's previous round was a $128 million Series E in May 2022, led by NIIF SOF and Hero MotoCorp.
Funds from the Series E are planned for manufacturing, R&D, charging infrastructure, and retail network.
Ather Energy is also planning to go public, with media speculation of a timeline around end of 2023.

The electric vehicle (EV) sector in India has seen growing investment: $195 million in 2020, $570 million in 2021, and $673 million in 2022 (till Sep 15).
Ather's revenue grew 5X to ₹408.5 crore in FY22, though losses also increased to ₹344 crore.
Debt funding like this NCD allows the company to raise capital without diluting equity.

Ather Energy manufactures electric scooters and builds charging infrastructure.
The company sells its scooters directly to consumers through its own retail network.
It also operates a network of Ather Grid charging stations across multiple cities.
Ather's revenue for FY22 was ₹408.5 crore, up from about ₹80 crore in FY21.
Its losses for FY22 were ₹344 crore, up 47.5% from ₹233.3 crore in FY21.

Use the Series E funds for manufacturing, R&D, charging infrastructure, and retail network.
Plan to go public, possibly by end of 2023.

InnoVen Capital (lender) — A venture debt firm that provides debt financing to startups.

Redcliffe Labs plans to raise $100-125 million29 September 2022 · Funding · $100-125 million