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IPO-bound Ather converts itself into public entity

EntrackrEntrackr · 1y ago
IPO-bound Ather converts itself into public entity
Medial

Electric scooter manufacturer Ather Energy has converted itself into a public company. This marks the company’s concrete step towards a definitive initial public offering (IPO) plan. The board at Ather has approved the resolution to change the company’s status from private to public. Its name has now changed from Ather Energy Private Limited to Ather Energy Limited. The company recently raised Rs 286 crore ($34 million) in a mix of debt and equity through venture debt and co-founders. As per the startup data intelligence platform TheKredible, Hero Moto Corp is an associate company of Ather and controls around 38% stake with its recent investment of Rs 124 crore ($15 million) which materialized early this month. It has raised over $550 million to date and was valued at $750 million during its Series E round. According to 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. Ather reported a flat scale during the fiscal year ending March 2024. Its revenue from operations decreased by a modest 1.5% decrease to Rs 1,754 crore in FY24 from Rs 1,781 crore in FY23. It competes with Ola Electric which got SEBI’s nod for its $660 million initial public offering this month. Ola Electric grew at an exponential rate in FY23 as its revenue from operations spiked seven-fold to Rs 2,631 crore in FY23. TVS, Hero Electric, River, and Okinawa are some other competitors of Ather.

Exclusive: Decoding Ather’s unicorn round, Q1 FY25 numbers

EntrackrEntrackr · 11m ago
Exclusive: Decoding Ather’s unicorn round, Q1 FY25 numbers
Medial

Electric scooter manufacturer Ather Energy has entered into a coveted unicorn club with $71 million in funding from existing investor National Investment and Infrastructure Fund last month. Entrackr has gone through its regulatory filings to decode round break up, shareholding pattern, and current valuation. The board at Ather Energy has passed a special resolution to issue 1,65,28,925 Series G compulsory cumulative preference shares at an issue price of Rs 363 each to raise Rs 600 crore or $72 million, its regulatory filing accessed from RoC shows. According to the data intelligence platform TheKredible, Hero MotoCorp remains the largest external stakeholder with 38.11% after this round, followed by Caladium Investment which holds 16.3%. NIIF, Tiger Global, and Zerodha brothers are other notable investors in Ather Energy. See TheKredible for the complete shareholding. The electric two-wheeler manufacturer was valued at $1.25 billion post-allotment, as per Fintrackr’s estimates. Ather posted Rs 339 crore of revenue during the first quarter of the ongoing fiscal year with a net loss of Rs 183 crore in the same period, according to its internal document seen by Entrackr. In FY24, the firm reported a modest decline in its revenue which stood at Rs 1754 crore. Ather’s rival Ola Electric, which went public last month, posted Rs 1,644 crore in revenue during the first quarter of the ongoing fiscal year, marking its net loss down by 17% to Rs 347 crore. According to Ather, its market share in the electric two-wheeler segment was 9% in the first quarter of FY25, down from 11% in FY24. Meanwhile, Ola Electric’s market share increased to 42% in Q1 FY25, and TVS Electric secured the second position with a 19% share during the same period. Notably, Ola Electric’s market share declined in the first two months of Q2 FY25 (July and August).

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