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Ather Energy bags Rs 550 Cr from Hero MotoCorp
Entrackr
·
1y ago
Medial
Ather Energy, an electric scooter manufacturer, is set to raise INR 550 crore (approximately $73 million) through a right issue, with investment coming from Hero MotoCorp, a multinational motorcycle manufacturer. Hero MotoCorp holds a 33.1% stake in Ather prior to this investment. This funding agreement follows Hero MotoCorp's participation in a $128 million funding round for Ather in May 2022. Ather Energy's valuation was estimated to be around $750 million in October 2021 during a $50 million funding round.
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Hero MotoCorp invests Rs 124 Cr in Ather Energy, now controls nearly 42% stake
Entrackr
·
1y ago
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.
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Ather brings ₹390 crore loss to Hero MotoCorp in FY24
Inshorts
·
1y ago
Medial
EV startup Ather Energy's loss attributable to Hero MotoCorp stood at ₹389.77 crore in FY24. Hero MotoCorp, which holds over a 40% stake in Ather, forged a partnership with Ather for an EV charging network. In FY24, Hero MotoCorp invested nearly ₹700 crore to increase its stake in Ather to 40.89% from 33.11% in FY23.
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Hero MotoCorp to buy additional 3% stake in Ather Energy for up to ₹140 crore
Livemint
·
1y ago
Medial
Hero MotoCorp has announced its plans to purchase additional shares of Ather Energy, which will increase its stake in the company to 39.7%. Ather Energy is engaged in the manufacturing and selling of electric two-wheelers. The deal will involve Hero MotoCorp buying the additional shares for ₹140 crore. Additionally, Hero MotoCorp has made two key executive appointments, bringing in Vivek Anand as Chief Financial Officer and Rachna Kumar as Chief Human Resources Officer. Both executives bring extensive global experience to their roles.
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Sachin Bansal exits Ather Energy selling remaining stake to Hero MotoCorp, Nikhil Kamath
Economic Times
·
1y ago
Medial
Flipkart co-founder Sachin Bansal has sold his remaining 7.5% stake in electric scooter manufacturer Ather Energy. Bansal sold a 2.2% stake to Hero MotoCorp for INR 124 crore and the rest to Zerodha co-founder Nikhil Kamath. Bansal had previously invested around INR 400 crore in Ather Energy. Hero MotoCorp's inferred valuation for the latest stake purchase was INR 5,636 crore. After this transaction, Hero MotoCorp now holds about 40% of Ather's total shareholding. Ather Energy recently raised INR 286 crore ($34 million) in funding and plans to raise between $75-90 million in the next round.
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Zerodha co-founder Nikhil Kamath to invest in Ola Electric-rival Ather Energy: Report
IndianStartupNews
·
1y ago
Medial
Zerodha's Co-founder, Nikhil Kamath, is set to invest in Ather Energy, an EV maker competing with Ola Electric. The investment will be a secondary share sale, with Nikhil acquiring existing investors' shares in the company. Ather Energy recently raised Rs 900 crore in funding and offers electric two-wheelers such as the 450S and 450X models. Notable investors in Ather Energy include Hero MotoCorp, GIC, and Sachin Bansal.
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Ather Energy's Chief Business Officer Calls for Policy Predictability to Drive Two-Wheeler Electric Mobility
Business Bytes
·
1y ago
Medial
Ravneet S Phokela, Chief Business Officer at Ather Energy, stresses the importance of policy predictability in driving investments for the growth of electric two-wheelers in India. Ather Energy, backed by Hero MotoCorp, aims to achieve 100% electrification of the domestic two-wheeler market by 2030 and emphasizes the need for stable policies and regulatory support for this transition. Investments from established players like Hero MotoCorp and a supportive regulatory environment are crucial for the success of electric mobility in India.
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Ather Energy raises Rs 900 cr from Hero MotoCorp, GIC through rights issue
Economic Times
·
1y ago
Medial
Ather Energy, the Indian electric scooter manufacturer, has raised INR 900 crore (approximately $108.27 million) through a rights issue with shareholders Hero MotoCorp and Singapore's GIC. The company plans to utilize the funds for new product launches, expanding its charging infrastructure, and increasing its retail network. Ather Energy has experienced substantial growth, with FY23 revenue surging 4.4 times to INR 1,783 crore. They also expanded their retail presence from 30 to 130 stores, and they currently have over 200 retail touchpoints and 1,500 Ather Grids for electric two-wheelers.
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Ather Energy plans IPO with reduced valuation, targets ₹10,461 cr
Inshorts
·
4m ago
Medial
Ather Energy backed by Hero MotoCorp is preparing for an IPO with a reduced valuation of ₹10,461 crore, down from the initially targeted ₹17,439 crore, Bloomberg reported. The company recently converted its compulsory convertible preference shares into equity, advancing its IPO plans. The IPO could raise approximately ₹3,487 crore, with a potential launch by late March or early April.
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Two-wheeler EV maker Ather Energy expands into Nepal
Economic Times
·
1y ago
Medial
Bengaluru-based electric scooter maker Ather Energy, backed by Tiger Global, is expanding its presence into Nepal. Ather recently secured Rs 900 crore in funding from Hero MotoCorp and GIC. The company aims to strengthen its foothold in the electric vehicle market and increase its production capacity. Ather's move comes at a time when the demand for electric two-wheelers is on the rise in India.
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How IPO-bound Ather Energy stacks up against Ola Electric, Bajaj Auto, Hero Moto, TVS Motor
Economic Times
·
3m ago
Medial
Ather Energy, an electric two-wheeler company, is preparing for an IPO but lags behind peers like Ola Electric, Bajaj Auto, Hero MotoCorp, and TVS Motor in business metrics. Despite posting losses, Ather aims to expand its market presence and manufacturing capacity. With a current market share of 10.7%, Ather plans to enhance its distribution network and launch new platforms. The IPO aims to raise Rs 2,981 crore with shares listed on May 6.
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