Electric scooter manufacturer Ather Energy has achieved unicorn status after securing $71 million in a new funding round led by the National Investment and Infrastructure Fund (NIIF). The company, now valued at $1.3 billion, is among the top players in India’s electric scooter market, alongside Ola Electric, TVS, and Bajaj Auto.
Founded in 2013 by IIT Madras graduates Tarun Mehta and Swapnil Jain, Ather Energy has sold over 173,000 electric scooters. The company has steadily raised funds since late 2023, bringing its total funding to over $125 million in the past three months alone. Notably, in May 2024, Ather raised $34 million through debt and equity, with significant investments from co-founders Mehta and Jain and venture debt firm Stride Ventures.
Ather Energy’s strategic investors include Hero MotoCorp, Tiger Global, and GIC. In September 2023, Hero MotoCorp committed an additional Rs 550 crore ($66 million) to Ather, signaling strong confidence in the company’s growth potential. The firm’s aggressive fundraising efforts and strategic partnerships have solidified its position in the market.
Unicorn Milestone and IPO Plans
Joining the unicorn club marks a significant milestone for Ather Energy. The company has been preparing to go public, recently converting itself into a public firm as it eyes an IPO by 2025. Ather’s entry into the unicorn club comes shortly after competitors such as Rapido, Krutrim, and Perfios achieved the same status earlier this year.
In 2024, Ather Energy reported consolidated revenues of INR 1,753 crore ($210 million), reflecting a slight 1.7 percent year-on-year decrease. Despite this, the company remains focused on scaling its operations and expanding its market presence as it gears up for its public market debut.
Ather Energy’s recent $71 million funding round cements its status as a unicorn. It underscores its potential to lead the electric scooter market in India. With robust financial backing and clear IPO ambitions, Ather is poised to significantly impact the industry.
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