Results · Mobility & Logistics

Ather Energy reports flat revenue in FY24

What they do

Ather Energy makes electric scooters and sells them in India

Its FY24 revenue was Rs 1,754 crore, down 1.5% from FY23

The company has raised over $550 million and is valued at $750 million

Ather Energy reported FY24 revenue from operations of Rs 1,754 crore, down 1.5% from the previous year.
In FY23, revenue was Rs 1,781 crore, which was 4.36 times the prior year's figure.
The company's FY23 loss was Rs 864.5 crore, up 2.5 times from the year before.
Ather Energy did not disclose its FY24 cost breakup or losses.
Its primary revenue comes from selling scooters, and other income from after-sale and subscription services.
Hero MotoCorp holds about 38% stake in Ather after a recent Rs 124 crore ($15 million) investment.
Ather has raised over $550 million to date and was valued at $750 million in its Series E round.

Top rivals include Ola Electric, TVS, and Bajaj, with Ather holding a 9.45% market share in May.
Ather sold 6,024 units in May, up from 4,000 in April, and 17,000 units in March.
The company is expanding its rapid charging network, aiming for 2,500 stations by March 2024.

Ather Energy manufactures and sells electric scooters in India.
Its primary revenue source is sale of scooters.
It also earns from after-sale services and subscription services.
As of December 2023, it had 1,600 charging stations and planned to reach 2,500 by March 2024.
In May 2024, Ather was the fourth largest two-wheeler EV manufacturer by market share.

Hero MotoCorp (existing) — Hero MotoCorp is an **associate company** of Ather Energy, holding about **38% stake** after a recent Rs 124 crore investment.