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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.

Exclusive: Ather Energy raises $34.5 Mn; co-founders invest over $10 Mn

EntrackrEntrackr · 1y ago
Exclusive: Ather Energy raises $34.5 Mn; co-founders invest over $10 Mn
Medial

Electric scooter maker Ather Energy has raised Rs 286 crore or $34.5 million through debt and equity. This is the first round of investment for the Bengaluru-based company this year. Stride Ventures invested Rs 200 crore via debentures while co-founders of the company Tarun Sanjay Mehta and Swapnil Babanlal Jain pumped in Rs 43.28 crore each via Series F preference shares, its regulatory filings accessed from the Registrar of Companies show. Ather Energy raised its second-largest funding worth Rs 900 crore ($108 million) from existing investors Hero MotoCorp and GIC through right issue in December last year. In the same month, Hero MotoCorp also acquired an additional 3% stake in Ather for Rs 140 crore (approximately $16.8 million). Recently, a media report said that Ather is in talks to raise $95 million in a pre IPO round. Another report added that Ather’s existing backer Sachin Bansal has sold a significant portion of his stake in the company to Zerodha’s co-founder Nikhil Kamath. As per TheKredible, Ather was valued at $750 million during the Series E round in May 2022. However, it has not disclosed its valuation since then. It’s likely to get unicorn status in the upcoming round. Ather has raised around $450 million to date. According to the startup data intelligence platform TheKredible, Hero MotoCorp is the largest external stakeholder followed by Sachin Bansal, Caladium Investment, and Tiger Global. Ather’s revenue from operations surged 4.36X to Rs 1,784 crore in FY23 while its losses spiked 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 a 50% drop in overall sales in April when compared to March. Ather Energy, which sold 17,000 units in March, saw 4,000 units sold in April. Ola Electric sold over 33,000 units, contributing about 50% to the overall sales in the last month.

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