Electric two-wheeler manufacturer Ather Energy has attained unicorn status after securing Rs 600 crore ($71 million) in funding from existing investor National Investment Infrastructure Fund (NIIF).
The development comes when its biggest rival Ola Electric enlisted itself in India’s stock exchanges.
Electric two-wheeler manufacturer Ather Energy has attained unicorn status after securing Rs 600 crore ($71 million) in funding from existing investor National Investment Infrastructure Fund (NIIF).
The new funding round saw the company’s valuation increase to Rs 10,900 crore ($1.3 billion).
Ather Energy will be the country’s fourth unicorn this year after Rapido recently gained its Unicorn status. This also comes at a time when its rival Ola Electric has enlisted itself in India’s stock exchanges.
A company becomes Unicorn when its valuation exceeds $1 billion.
It is reported that the company is looking to go public as it had converted itself from a private to a public company in June this year. This is as per YourStory.
It has also bookmarked HSBC Holdings, Nomura Holdings, and JPMorgan Chase & Co. to help with their IPO.
Ather Energy occupies a prominent position in the list of electric scooter manufacturers in India along with Ola Electric, TVS and Bajaj Auto. It was founded by IIT graduates Tarun Mehta and Swapnil Jain in 2013.
It has to date sold over over 1.73 lakh electric scooters. It is backed by HeroMoto Corp, Tiger Global and GIC.
The electric scooter was last valued around $740-750 million in 2022, whenHero MotoCorp, a key investor in the company, increased its stake in the startup in June 2024 by purchasing an additional 2.2 per cent for Rs 124 crore at an inferred valuation of $671 million (Rs 5,63 crore). This is as per ET.
It has recently launched its electric scooter Rizta and is using its manufacturing base in Aurangabad to produce it. With the launch of Ritza, Ather Energy forayed into the scooters for the family segment that is dominated by Ola.
Ather Energy reportedly clocked a consolidated revenue of Rs 1,753 crore in FY24 from Rs 1,781 crore in FY23.
As per Tracxn data, the company reported in FY22-23 a revenue of Rs 1,806 crore, up from Rs 413.9 crore in the previous year.
Its lossed widened over 22 per cent to Rs 1,059 crore in FY24.