Ather Energy joins unicorn club with $71 million funding

BENGALURU: Electric two-wheeler manufacturer Ather Energy has entered the unicorn club after securing $71.5 million in Series E round from existing investor National Investment and Infrastructure Fund (NIIF).

The electric scooter manufacturer is now valued at about $1.3 billion. However, Ather Energy declined to comment on the fundraising.

This fundraising comes at a time when its rival Ola Electric made a debut on stock exchanges. Also, at a time when it is eyeing a listing this year.

In June this year, Hero MotoCorp invested about Rs 124 crore in Ather to acquire an additional 2.2% stake in the company. Hero MotoCorp in a regulatory filing said that investment is being made in the form of purchase of additional shares from an existing shareholder of Ather Energy for acquisition of up to 2.2% shares (on a fully diluted basis).

Incorporated in 2013, its turnover for the year ended March 31, 2024, stood at Rs 1,753.8 crore. According to Tracxn, Ather has raised total equity funding of $502 million in 19 rounds and employs over 1,400 people as of June 30, 2024.