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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.

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Hero MotoCorp invests Rs 124 Cr in Ather Energy, now controls nearly 42% stake

EntrackrEntrackr · 1y ago
Hero MotoCorp invests Rs 124 Cr in Ather Energy, now controls nearly 42% stake
Medial

Hero MotoCorp has approved the purchase of an additional 2.2% stake in the electric scooter maker Ather Energy for about Rs 124 crore (approximately $15 million). This is the third investment from Hero MotoCorp in the Bengaluru-based company in the last nine months. In December, Hero MotoCorp acquired 3% stake in Ather Energy for Rs 140 crore ($16.8 milion). With the latest investment, Hero MotoCorp now controls nearly 42% holding in the Tarun Mehta-led company. The development comes shortly after Ather Energy’s $34.5 million debt and equity fundraise in which co-founders Mehta and Swapnil Jain also pumped in over $10 million collectively. Ather was valued at $750 million during the Series E round in May 2022. However, it has not disclosed its valuation since then. As per startup data intelligence platform TheKredible, Sachin Bansal is the second largest investor after Hero MotoCorp in Ather. Other notable external stakeholders include Caladium Investment and Tiger Global. During FY23, Ather’s revenue from operations spiked 4.36X to Rs 1,784 crore while its losses grew 2.5X to Rs 864.5 crore in the same period. The company is yet to file its financial results for FY24. Electric two-wheelers saw an uptick in sales in May after a 50% drop in overall sales in April. As per Vahan data, Ather Energy had a market share of 9.45% as it sold 6,024 units in the last month. Its competitor Ola Electric was at the top with the sale of 37,191 units followed by TVS and Bajaj with 11,737 units and 9,189 units, respectively.

KKR-owned Leap India profit surges 4X in FY24

EntrackrEntrackr · 4m 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 · 11m 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.

Ather Energy posts Rs 676 Cr revenue in Q4 FY25, narrows losses by 17%

EntrackrEntrackr · 2m ago
Ather Energy posts Rs 676 Cr revenue in Q4 FY25, narrows losses by 17%
Medial

Electric two-wheeler maker Ather Energy has announced its financial results for the fourth quarter of FY25. The company reported a 29% year-on-year jump in its operating revenue compared to Q4 FY24. Ather’s revenue from operations increased by 29% to Rs 676 crore in Q4 FY25, from Rs 523 crore in Q4 FY24, according to its consolidated quarterly report sourced from the National Stock Exchange (NSE). For the full fiscal year (FY25), Ather Energy’s operating revenue increased 29% to Rs 2,255 crore in FY25 from Rs 1,754 crore in FY24. The company’s cost of materials, driven primarily by battery and component procurement, increased by nearly 16% to Rs 564 crore in Q4 FY25 from Rs 488 crore in the same period last year. Employee benefit expenses saw a decline of 29% YoY to Rs 109 crore in Q4 FY25 compared to Rs 154 crore in Q4 FY24. Depreciation and amortization costs rose 18% to Rs 45 crore, while other operational costs jumped nearly 47% to Rs 204 crore. Overall, Ather’s total expenditure grew 13% to Rs 922 crore in Q4 FY25, up from Rs 819 crore in Q4 FY24. For the full financial year ending March 2025, total expenses rose to Rs 3,117 crore as against Rs 2,674 crore in FY24. As a result, the company’s net losses reduced by 17% to Rs 234 crore in Q4 FY25 from Rs 283 crore in Q4 FY24. On a fiscal basis, its net losses came down 23% to Rs 812 crore in FY25 from Rs 1,060 crore in FY24. Ather Energy made its stock market debut on May 6, 2025, listing at Rs 328 per share on the NSE—2.18% above its issue price of Rs 321. However, the stock closed the day at Rs 300. On Monday, it rose 2.8% to trade at Rs 308.7 before market close, bringing its total market capitalization to Rs 11,497 crore ($1.34 billion). Ather's competitor Ola Electric, which saw a nearly 20% decline in operating revenue during Q3 FY25, has yet to file Q4 results.

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