Ather Energy attains unicorn status after raising $71 million from National Investment and Infrastructure Fund
Hyderabad: Electric two-wheeler maker Ather Energy has raised $71 million in a new funding round led by its existing investor, the National Investment and Infrastructure Fund (NIIF), elevating the company's valuation to $1.3 billion and securing its status as a unicorn, according to sources familiar with the matter, Moneycontrol reported.
A unicorn is a privately-owned company valued at $1 billion or more.
India is now home to around 106 unicorns.
Ather has been actively raising funds since late 2023.
In May 2024, it secured Rs 286 crore ($34 million) through a combination of debt and equity, primarily from venture debt firm Stride Ventures and its co-founders, Tarun Sanjay Mehta and Swapnil Jain, who each contributed Rs 43.28 crore via Series F preference shares. Stride Ventures invested nearly Rs 200 crore through debentures.
In September 2022, Hero MotoCorp, a significant shareholder, announced plans to invest Rs 550 crore into Ather Energy, following a $50 million equity investment round led by Caladium Investment Pte Ltd, with participation from Herald Square Ventures.
This funding success comes as Ather prepares for a public offering by 2025, having enlisted HSBC Holdings Plc, Nomura Holdings Inc., and JPMorgan Chase & Co. to facilitate the process.
Founded in 2013 by IIT Madras graduates Tarun Mehta and Swapnil Jain, Ather Energy has sold over 1.73 lakh electric scooters to date.
The company is supported by prominent investors including Hero MotoCorp, Tiger Global, and GIC, and is one of the top four electric scooter manufacturers in India, along with Ola Electric, TVS, and Bajaj Auto.
Ather reported consolidated revenue of Rs 1,753 crore in FY 2024, a 1.7% decline year-on-year.
It now joins other startups that have achieved unicorn status in recent months, including Porter, AI firm Krutrim, and B2B SaaS company Perfios.
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