Bengaluru-based electrical scooter producer Ather Power has reportedly achieved unicorn standing after securing $71 million (₹596 crore) in a funding spherical led by the Nationwide Funding and Infrastructure Fund (NIIF).
This funding pushes Ather’s valuation to $1.3 billion, marking a major milestone in its journey. Though the corporate has but to formally verify the fundraising, numerous media sources point out that this newest spherical has solidified Ather’s place amongst India’s elite startups.
Ather Power Valuation and Trade Affect
The $71 million funding has elevated Ather Power’s valuation to an estimated $1.3 billion. This valuation aligns Ather with different distinguished gamers within the Indian EV market, most notably Ola Electrical, its main competitor within the premium electrical scooter phase.
Earlier than Ather entered into the unicorn membership, one other Bengaluru-based startup, Rapido, reached unicorn standing with a $1 billion valuation, additional highlighting the town’s rising affect in India’s tech and mobility sectors.
Strategic Buyers and Hero MotoCorp’s Position
Ather Power’s development has been supported by a gaggle of influential buyers, together with Stride Ventures, Hero MotoCorp, and GIC.
Hero MotoCorp, a serious participant within the Indian automotive business, holds round a 40% stake in Ather.
In June, Hero MotoCorp introduced plans to extend its stake by an extra 2.2%, investing ₹124 crore to strengthen its place within the firm. This backing from Hero MotoCorp is crucial as Ather continues to increase its market presence and develop its product line.
Ather Power Partnership with Amara Raja Power
Ather Power has just lately partnered with Amara Raja Power & Mobility Ltd, a collaboration that may improve Ather’s technological capabilities.
This partnership includes the event and provide of Nickel Manganese Cobalt (NMC) and Lithium Iron Phosphate (LFP) lithium-ion cells, that are important elements for Ather’s electrical scooters.
This transfer is predicted to enhance the efficiency and effectivity of Ather’s scooters, making them extra aggressive available in the market.
Ather Power IPO Plans and Monetary Efficiency
Based in 2013 by Tarun Mehta and Swapnil Jain, Ather Power has grown steadily, with an in depth community of over 1,400 charging stations throughout 100 cities in India. Following the profitable IPO of its competitor, Ola Electrical, Ather can also be gearing up for an preliminary public providing (IPO).
The corporate just lately transitioned to a public restricted firm in preparation for this transfer. Regardless of its rising income, which stood at ₹1,789 crore for FY24, Ather Power confronted a web lack of ₹1,059.7 crore, up from ₹864.5 crore in FY23, reflecting the challenges of scaling in a aggressive market.