🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

After 4X growth in FY23, Ather Energy’s revenue declines in FY24

EntrackrEntrackr · 1y ago
After 4X growth in FY23, Ather Energy’s revenue declines in FY24
Medial

Following over four-fold growth during the financial year ending March 2023, electric scooter manufacturer Ather Energy saw a modest 1.5% decline in scale during the previous fiscal year (FY24). Ather’s revenue from operations decreased to Rs 1,754 crore in FY24 from Rs 1,781 crore in FY23, as per disclosure made by its associate company Hero Moto Corp in NSE filings. The sale of scooters was the primary source of revenue for Ather while after-sale and subscription services were other income channels. The company has not revealed its cost breakup and losses for the fiscal year ending March 2024. The Tarun Mehta-led firm’s revenue jumped by 4.36X while its losses grew 2.5X to Rs 864.5 crore in FY23. Hero Moto Corp is an associate company of Ather and now controls nearly 42% stake with its recent investment of Rs 124 crore ($15 million) which materialized early this week. Ather has raised over $550 million to date and was valued at $750 million during its Series E round. As per Vahan data, Ather was the fourth largest two wheeler EV manufacturer which controlled 9.45% market share in May. Ola Electric maintained the top position followed by TVS and Bajaj. Ather sold 6,024 units in the last month, up from 4,000 units in April. In March, its total sales stood at 17,000 units. Besides selling electric scooters, Ather is also expanding its rapid charging network across the country. As of December last year, it had 1,600 charging stations with a plan to increase it to 2,500 by March 2024.

2

Related News

KKR-owned Leap India profit surges 4X in FY24

EntrackrEntrackr · 5m ago
KKR-owned Leap India profit surges 4X in FY24
Medial

Fintrackr All Stories KKR-owned Leap India profit surges 4X in FY24 Logistics solutions startup Leap India recorded a 44% year-on-year revenue growth for the fiscal year ending March 2024. Moreover, the Mumbai-based company's profits surged 4X during the same period. Logistics solutions startup Leap India secured $63 million in funding from KKR in December last year, driven by a 44% year-on-year revenue growth for the fiscal year ending March 2024. Moreover, the Mumbai-based company's profits surged 4X during the same period. Leap India’s revenue from operations grew to Rs 365 crore in FY24 from Rs 253 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. Leap India provides supply chain solutions, including equipment pooling, packaging, inventory management, transportation, and maintenance. Serving e-commerce, consumer durables, beverages, and automotive industries, it operates 25 warehouses and 22 manufacturing units. Income from services contributed 95.6% of total revenue, which grew 43.6% to Rs 349 crore in FY24. The remaining revenue came from the sale of pallets and forklifts. The company also earned Rs 7 crore, bringing total income to Rs 372 crore in FY24 from Rs 258 crore in FY23. For an end-to-end supply chain company, the depreciation and finance costs formed 50.5% of the overall expenditure which cumulatively increased to Rs 164 crore in FY24. Its employee benefits grew by 93.8% to Rs 62 crore in the last fiscal year. The legal, freight, travel, and other overheads took the total expenditure up by 31% to Rs 325 crore in FY24 from Rs 248 crore in FY23. The 44% scale and controlled expenditure led KKR-backed firm to spike its profits by 4.1X to Rs 37 crore in FY24, compared to Rs 9 crore in FY23. On a unit level, it spent Rs 0.89 to earn a rupee of opening revenue. Its ROCE and EBITDA margins stood at 8.26% and 56.72% respectively. Last year, private equity firm KKR invested in Leap India, acquiring a majority stake through a mix of primary and secondary investments. That infusion reportedly gave TVS Capital, North Heaven, Mayfield, Morgan Stanley, and other early backers a complete exit. In 2021, Morgan Stanley invested $25 million in the firm. Leap India has raised over $180 million to date and was valued at $600 million. According to the filing, KKR controls around 78.64% stake in Leap India while Sixth Sense, First Bridge, and Madhurima International command 1.38%, 1.19%, and 0.99%, respectively.

Exclusive: IPO-bound Ather Energy raises Rs 60 Cr debt

EntrackrEntrackr · 1y ago
Exclusive: IPO-bound Ather Energy raises Rs 60 Cr debt
Medial

Ather Energy has continued to raise debt funding before its potential public listing. The Bengaluru-based company has raised Rs 60 crore (over $7 million) in debt from Stride Ventures through its trustee Vistra ITCL. This is the second debt infusion in the electric scooter manufacturer in the past two months. Stride Ventures invested Rs 200 crore via debentures in May. Entrackr had exclusively reported the fundraise which also had equity investment from co-founders. While Ather IPO timeline is yet to be known, it took a definitive step towards public listing by converting itself into a public company in June. Ather has raised around $450 million to date from the likes of Tiger Global and Hero MotoCorp. As per the startup data intelligence platform TheKredible, Hero Moto Corp is an associate company of Ather and controls around 38% stake. Following a four-fold growth during FY23, Ather’s revenue from operations decreased slightly to Rs 1,754 crore in FY24 from Rs 1,781 crore in FY23, as per disclosure made by Hero Moto Corp. The sale of scooters was the primary source of revenue for Ather while after-sale and subscription services were other income channels. Ather maintained its position as the fourth largest two-wheeler EV manufacturer with 6,097 units sold in June 2024 and a market share of 7.66%, according to Vahan data. Its arch rival Ola Electric stayed on top with sales of 36,716 units, controlling a market share of 44%. The company recently said that it will set up its third manufacturing plant in Maharashtra with an investment of Rs 2,000 crore. The new facility will produce electric two-wheelers as well as battery packs.

Download the medial app to read full posts, comements and news.