Even before it might go public, Ather Energy has been raising debt financing. Through its trustee Vistra ITCL, the Bengaluru-based company raised debt from Stride Ventures totaling Rs 60 crore, or more than $7 million.
The manufacturer of electric scooters has received another loan in the last two months. In May, Stride Ventures made a Rs 200 crore debenture investment.
The exact date of Ather’s IPO is unknown, but in June, the company made a decisive move toward going public by becoming a public entity.
To date, Ather has raised about $450 million from investors including Hero MotoCorp and Tiger Global. According to TheKredible, a startup data intelligence platform, Hero Moto Corp. is an associate company of Ather, holding approximately 38% of the company.
According to disclosures made by Hero Moto Corp., Ather’s revenue from operations declined marginally to Rs 1,754 crore in FY24 from Rs 1,781 crore in FY23, after growing fourfold during FY23. Ather’s main revenue stream came from the sale of scooters, with additional revenue coming from after-sale and subscription services.
Based on data from Vahan, Ather remained the fourth-largest manufacturer of two-wheeler electric vehicles (EVs), with 6,097 units sold in June 2024 and a 7.66% market share. Ola Electric, its fiercest competitor, maintained its lead with 36,716 units sold and a 44% market share.
The company recently announced that it will invest Rs 2,000 crore to establish its third manufacturing plant in Maharashtra. Both battery packs and electric two-wheelers will be produced at the new facility.
