Ather Energy Secures New Funding, Hero MotoCorp to Acquire Minority Stake
- Ather Energy will raise around INR 286.5 Cr by selling stake debt and an additional INR 200 Cr from Stride Ventures through IOUs.
- Hero MotoCorp plans to acquire 3% of Ather Energy by investing up to INR 140 Cr, following Ather's INR 900 Cr raise last year.
- Ather Energy's revenue for FY23 increased to INR 1806 Cr from INR 408.5 Cr the previous year, despite a 47% YoY rise in net loss to INR 344 Cr for FY22.
E-car maker Ather Energy is set to raise approximately INR 286.5 crore by selling stake debt.
The board of the now-listed team on NSE has approved compensation for the founders in 74,148 shares, amounting to INR 86.6 crore.
Additionally, Ather will raise INR 200 crore from Stride Ventures through IOUs.
Hero MotoCorp plans to acquire a 3% stake in Ather by investing up to INR 140 crore. Last year, Ather raised INR 900 crore from existing shareholders and secured additional funding in April.
Ather, a prominent name in India's e-bike industry, was founded by Tarun Mehta and Swapnil Jain in 2013.
The company currently retails two models: the Ather 450X and Ather 450S, known for their fast-charging capabilities.
Newsletter
The corridor, every morning.
Funding rounds and cross-border capital moves, one email, five minutes.
In recent developments, Ola Electric saw a decline in registrations by 10.4% to 17,331 units in August.
Ola Electric continues to lead the market despite competition from other electric two-wheeler companies like Ampere, Okinawa, TVS, and Revolt.
In fiscal year 2023, Ather's revenue increased to INR 1806 crore from INR 408.5 crore the previous year.
However, Hero MotoCorp’s filing did not specify the profit or loss for 2023. Ather’s net loss rose by 47% year-on-year, reaching INR 344 crore for FY22.
Edited By Annette George
More in Startup News
