BENGALURU: Electric two-wheeler manufacturer Ather Energy has entered the unicorn club after securing $71.5 million in Series E round from existing investor National Investment and Infrastructure Fund (NIIF).
The electric scooter manufacturer is now valued at about $1.3 billion. However, Ather Energy declined to comment on the fundraising.
This fundraising comes at a time when its rival Ola Electric made a debut on stock exchanges. Also, at a time when it is eyeing a listing this year.
In June this year, Hero MotoCorp invested about Rs 124 crore in Ather to acquire an additional 2.2% stake in the company. Hero MotoCorp in a regulatory filing said that investment is being made in the form of purchase of additional shares from an existing shareholder of Ather Energy for acquisition of up to 2.2% shares (on a fully diluted basis).
Incorporated in 2013, its turnover for the year ended March 31, 2024, stood at Rs 1,753.8 crore. According to Tracxn, Ather has raised total equity funding of $502 million in 19 rounds and employs over 1,400 people as of June 30, 2024.
Ather Energy was founded in 2013 by IIT Madras alumni Tarun Mehta and Swapnil Jain. It is backed by founders of Flipkart, Sachin Bansal & Binny Bansal, Hero MotoCorp, and Tiger Global. It launched the electric scooter – The Ather 450 in 2018, followed by Ather 450X, in 2020, and the new Gen3 of the 450X in 2022.