Funding · Mobility & Logistics

Ather Energy raises $71 million from NIIF to reach unicorn status

By Startup Enthusiast · 13 August 2024

What they do

Ather Energy manufactures electric scooters and is headquartered in Bengaluru

The company raised $71 million from NIIF, bringing its valuation to approximately $1.3 billion

This funding follows a recent capital raise of over $56.5 million and an IPO preparation

Ather Energy has raised $71 million in a new funding round led by the National Investment and Infrastructure Fund (NIIF).
NIIF is an existing backer that also served as the lead investor in this latest transaction.
The fundraising activity values Ather Energy at approximately $1.3 billion, granting it unicorn status.
This deal marks the fourth unicorn created in India during 2024, joining companies like Rapido and Perfios.
Ather Energy recently converted into a public company structure to prepare for an initial public offering (IPO).
Co-founders Tarun Mehta and Swapnil Jain invested more than $10 million in a previous round in May.
Hero MotoCorp contributed Rs 124 crore ($15 million) while Stride Ventures added Rs 60 crore ($7 million).
The company has raised over $125 million in the last three months including debt and equity instruments.

Ola Electric listed on the stock exchange just the previous week, highlighting intense competition in the sector.
Ather Energy's revenue declined slightly to Rs 1,754 crore in FY24 compared to the previous fiscal year.
The company reported undisclosed losses for FY24 despite significant historical fundraising totaling around $450 million.

Ather Energy designs and manufactures electric scooters for consumer use in the Indian market.
The company operates primarily out of its headquarters in Bengaluru, Karnataka.
It generates revenue through the direct sale of electric two-wheeler vehicles to end consumers.
FY24 revenue stood at Rs 1,754 crore, showing a slight decline from the prior year's figures.
The firm maintains a strong balance sheet with substantial cash reserves from multiple funding rounds.
Past investors include Tiger Global, Nikhil Kamath, and Sachin Bansal alongside strategic partners.
The business model focuses on building a network of service centers and charging infrastructure across cities.

Ather Energy is preparing for an initial public offering after converting to a public company structure.
The company aims to compete effectively against Ola Electric following their recent stock market listing.

NIIF (lead) — National Investment and Infrastructure Fund serves as a sovereign wealth fund for India.
Hero MotoCorp (co-lead) — Major motorcycle manufacturer that invested Rs 124 crore ($15 million) in the round.
Stride Ventures (participated) — Venture capital firm that invested Rs 60 crore ($7 million) in the round.
Tiger Global (existing) — Past investor in Ather Energy mentioned in the historical funding data.
Nikhil Kamath (existing) — Individual angel investor who backed Ather Energy in previous rounds.
Sachin Bansal (existing) — Co-founder of Flipkart who invested in Ather Energy in previous rounds.

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