Bengaluru-based Ather Energy reached unicorn status after securing $71 million in funding led by the National Investment and Infrastructure Fund (NIIF).
Ather Energy's $71 million investment has boosted its valuation to $1.3 billion, aligning it with top players like Ola Electric in India's premium electric scooter market.
Ather Energy's growth has been bolstered by key investors like Stride Ventures, Hero MotoCorp, and GIC. Hero MotoCorp, which already owns 40% of Ather, plans to increase its stake by 2.2% with a ₹124 crore investment.
Ather Energy has partnered with Amara Raja Energy & Mobility Ltd to boost its tech capabilities. The deal focuses on developing and supplying Nickel Manganese Cobalt (NMC) and Lithium Iron Phosphate (LFP) cells for Ather’s electric scooters.
Ather Energy recently became a public limited company. For FY24, it reported revenue of ₹1,789 crore but a net loss of ₹1,059.7 crore, up from ₹864.5 crore the previous year, highlighting scaling challenges.