Ather Energy, which manufactures electric two-wheelers, has recorded a marginal decline in its revenue to Rs 1,753.8 crore in the financial year 2023-24, from Rs 1,780.9 crore a year ago. In FY23, the company’s topline had risen more than 4x over the preceding year, when it had recorded a revenue of Rs 408.5 crore.
Ather’s financials were disclosed in its shareholder Hero MotoCorp’s regulatory filings, where the automaker said it will invest Rs 124 crore to buy an additional stake of 2.2% from Ather’s existing investors, taking its total stake in the company to 41.9%.
In December last year, Hero MotoCorp had bought another 3% stake in Ather for Rs 140 crore. Prior to that, in September, Ather had raised Rs 900 crore via rights issue from Hero MotoCorp and GIC.
Most recently, Ather raised Rs 286 crore in venture debt and equity in late May, where Stride Ventures invested close to Rs 200 crore. Till date, Ather has raised over $550 million from investors such as Tiger Global, Caladium Investment, Sachin Bansal and Innoven Capital.
The company was last valued at $750 million during its Series E round in 2022. Its competitor Ola Electric was valued at $5.4 billion in October last year, when it had raised $385 million in debt and equity.
Besides revenue, the filing did not disclose Ather’s annual loss or expenses. In FY23, the company had recorded a 2.5x jump in its net loss to Rs 864.5 crore. For comparison, its competitor Ola Electric’s net loss nearly doubled to Rs 1,472 crore in FY23, on a revenue of Rs 2,782 crore, up over 6x on a year-on-year basis.
While Ola Electric filed its IPO documents in December last year, with plans to make its Rs 7,000-crore public market debut in the current year, Ather is also reportedly in talks for a public listing soon.
