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

EntrackrEntrackr · 10m 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).

Ather files DRHP to raise Rs 3,100 Cr via IPO; Hero MotoCorp won’t sell shares

EntrackrEntrackr · 10m ago
Ather files DRHP to raise Rs 3,100 Cr via IPO; Hero MotoCorp won’t sell shares
Medial

Electric two-wheeler firm Ather Energy has filed its draft red herring prospectus (DRHP) with the Security Exchange Board of India (SEBI) for an initial public offering (IPO) on Monday. Ather will be the second two-wheeler EV maker to make its debut on the stock exchange. Ola Electric went public last month. The firm has proposed to raise funds through a fresh issue of equity shares aggregating up to Rs 3,100 crore (approximately $370 million) and an offer for sale (OFS) of up to 2.2 crore equity shares, according to the DRHP. GIC Ventures through its subsidiary Caladium Investment will divest 47.8% of the total offer for sale (OFS) while Tiger Global and 3 States Ventures will offload 18.1% and 2.18% of the offer for sale. Tarun Mehta and Swapnil Jain will also participate by offering 10 lakh shares each. The fresh issue and OFS will be allotted at a face value of Re 1 while the company will decide the price band and minimum lot band in consultation with the book-running lead managers shortly. According to the DRHP, Hero MotoCorp is the largest external shareholder with 37.2% followed by GIC (Caladium Investment) and NIIF which hold 15.04% and 10.29% respectively. However, Hero MotoCorp won’t participate in the OFS, which is a bit surprising for the observers. Its co-founders Tarun Sanjay Mehta and Swapnil Babanlal Jain cumulatively hold 13.26% of the company. Axis Capital, HSBC Securities, Nomura Financial, and JM Financial are the book-running lead managers of the issue. The company will use the proceeds from the fresh issue of shares on capital expenditure to establish their E2W factory, repayment of borrowing, research and development, and expenditures towards marketing, the DRHP further added. Ather recently turned unicorn after $71 million in funding from existing investor National Investment and Infrastructure Fund. The Bengaluru-based firm became the second unicorn from the electric vehicle space after Softbank-backed Ola Electric. Ather has raised over $500 million out of which $125 million came in the last three months for the Mehta-led company. The company also disclosed its Q1 FY25 numbers and it recorded Rs 339 crore in revenue in the first quarter of FY25 with a net loss of Rs 183 crore in the same period. In FY24, the firm reported a modest decline in its revenue which stood at Rs 1754 crore. Ather’s customer base increased by 34% to 1,14,000 in FY24. During FY23, the firm posted 270% customer growth, as per the DRHP. Notably, during the previous fiscal (FY24), Ather imported 28% of the raw materials from China where the figures stood at 10% in FY23. Ather competitor Ola Electric posted Rs 1,644 crore in revenue in Q1 FY25, marking its net loss down by 17%. Among two-wheeler EVs, Ather had 9% market share as of Q1 FY25 while Ola was at the top with 49%.

Ather raises Rs 1,340 Cr from anchor investors ahead of listing

EntrackrEntrackr · 3m ago
Ather raises Rs 1,340 Cr from anchor investors ahead of listing
Medial

Ather raises Rs 1,340 Cr from anchor investors ahead of listing Electric two-wheeler maker Ather Energy has allocated shares worth Rs 1,340 crore (around $157 million) to anchor investors ahead of its initial public offering (IPO). The board at Unicommerce has passed a resolution to offer 4,17,45,576 equity shares at an issue price of Rs 321 each (upper-band) to its anchor investors, its regulatory filing accessed from the Bombay Stock Exchange (BSE) shows. SBI, Abu Dhabi Investment Authority (ADIA), Invesco, Franklin Templeton, ICICI Prudential, Morgan Stanley, and Societe Generale are some key anchor investors for Ather. Out of the total issue, 49.6% of the total allocation was made to 7 domestic mutual funds through 14 schemes, the filing further added. Ather Energy initiated its public offering from (28th - 30th April) at a price band of (Rs 304-321) with a minimum bid quantity of 46 equity shares. Before the anchor round, Hero MotoCorp is the largest shareholder in Ather Energy, holding 38.19% of the company. It is followed by Caladium Investment (GIC) with a 15.43% stake. The National Investment and Infrastructure Fund (NIIF) and Tiger Global hold 14.22% and 6.56%, respectively. Ather’s co-founders, Mehta and Jain, each hold 6.81%. According to Entrackr’s estimates, Ather valued itself at $1.44 billion in its initial public offering. In the first nine months of FY25, the company sold 1,08,000 vehicles, generating revenue of Rs 1,578.9 crore. However, it posted a loss of Rs 579.6 crore during the same period. For the full fiscal year ending March 2024, the company reported revenue of Rs 1,753 crore with a loss of Rs 1,062 crore.

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