Funding · Mobility & Logistics

Ather Energy raises Rs 286 crore in debt and equity

By Startup Enthusiast · 25 June 2024

What they do

Ather Energy makes electric scooters and sells them in India

It raised Rs 286 crore ($34 million) in debt and equity from venture debt and co-founders

The company converted to a public company ahead of a likely IPO, while Ola Electric also filed for an IPO

Ather Energy converted from a private company to a public company and changed its name to Ather Energy Limited.
The company raised Rs 286 crore ($34 million) in debt and equity from venture debt and its co-founders.
Hero MotoCorp, which controls about 38% stake, invested Rs 124 crore ($15 million) in early June 2024.
Ather Energy has raised over $550 million in total funding to date.
Its valuation was $750 million during the Series E round.
The company sold 6,024 units in May 2024, up from 4,000 in April 2024.
Total sales in March 2024 were 17,000 units.
Ather Energy's market share in May 2024 was 9.45%, making it the fourth largest two-wheeler EV manufacturer.

The conversion to a public company is a step toward an IPO (initial public offering, when a company first sells shares to the public).
Competitor Ola Electric received SEBI approval for a $660 million IPO in June 2024.
The debt and equity raise provides capital for expansion and operations.
Ather Energy's revenue fell slightly from Rs 1,781 crore in FY23 to Rs 1,754 crore in FY24.

Ather Energy manufactures electric scooters for the Indian market.
It sells directly to customers through its website and experience centers.
The company also operates a network of charging stations called Ather Grid.
Its main products are the Ather 450X and Ather 450 Plus scooters.
Ather Energy competes with Ola Electric, TVS, Bajaj, Hero Electric, River, and Okinawa.

Hero MotoCorp (lead) — India's largest two-wheeler manufacturer and an associate company of Ather Energy.
Tarun Mehta (co-founder) — Co-founder of Ather Energy.
Swapnil Jain (co-founder) — Co-founder of Ather Energy.