Ather Energy is continuing to raise debt funding ahead of its potential public listing, securing Rs 60 crore (over $7 million) from Stride Ventures through its trustee Vistra ITCL. This marks the second debt infusion for the Bengaluru-based electric scooter manufacturer in the last two months, following a Rs 200 crore investment via debentures from Stride Ventures in May.
Although the timeline for Ather’s IPO remains unclear, the company took a significant step towards public listing by converting into a public company in June. To date, Ather has raised approximately $450 million from investors such as Tiger Global and Hero MotoCorp. According to startup data intelligence platform TheKredible, Hero MotoCorp is an associate company of Ather and holds around a 38% stake.
Despite experiencing a four-fold growth during FY23, Ather’s revenue from operations slightly decreased to Rs 1,754 crore in FY24 from Rs 1,781 crore in FY23, based on disclosures made by Hero MotoCorp. The primary revenue source for Ather was scooter sales, with after-sales and subscription services contributing additional income.
Ather maintained its position as the fourth largest two-wheeler EV manufacturer, selling 6,097 units in June 2024 and achieving a market share of 7.66%, according to Vahan data. Its main competitor, Ola Electric, led the market with sales of 36,716 units and a 44% market share.
Additionally, Ather recently announced plans to establish its third manufacturing plant in Maharashtra with an investment of Rs 2,000 crore. This new facility will produce electric two-wheelers as well as battery packs, further expanding Ather’s production capabilities and solidifying its position in the EV market.
