Bengaluru-based electric scooter manufacturer Ather Energy has officially joined the unicorn club, securing $71 million in funding from its existing backer, the National Investment and Infrastructure Fund (NIIF).
This recent investment brings Ather’s valuation to approximately $1.3 billion, marking a significant milestone for the company. The news, first reported by Economic Times, highlights Ather’s growing momentum in the electric vehicle (EV) market.
In the past three months, Ather has raised over $125 million, showcasing the strong confidence investors have in the company’s future. In May, Ather raised $34.5 million through a combination of debt and equity, with co-founders Tarun Mehta and Swapnil Jain personally contributing over $10 million. Subsequent funding included Rs 124 crore ($15 million) from Hero MotoCorp and Rs 60 crore ($7 million) from Stride Ventures.
To date, Ather has secured around $450 million in funding from notable investors, including Tiger Global, Hero MotoCorp, Nikhil Kamath, and Sachin Bansal.
Ather’s recent conversion into a public company signals a clear intention to pursue an initial public offering (IPO). This move positions Ather as a strong contender in the EV sector, especially with its major competitor, Ola Electric, having already gone public last week.
Despite its funding successes, Ather faced a slight dip in revenue in FY24, with operational earnings decreasing by 1.5% to Rs 1,754 crore, compared to Rs 1,781 crore in FY23. The company has yet to disclose its losses for the last fiscal year. However, the recent funding and impending IPO plans suggest Ather is well-positioned to navigate these challenges and continue its growth trajectory.
