A Bengaluru-based EV manufacturing startup, Ather Energy had a more than four times increase in  the last financial year. Following this growth, the EV manufacturing startup saw a 1.5 percent decline  in scale this year. This EV startup was planning to secure $95 million in its pre-IPO round before going  public. 

The startup offers electric scooter manufacturing with intelligent manufacturing solutions across the  country. Alther Energy’s operations dropped by 1.5 percent to Rs 1,754 crore in FY24 compared to Rs  1,781 core in FY23. The primary source of profit for the company is deals and after-sale subscription  services. The startup achieved impressive sales numbers, claiming to have sold over 17,000 units in  March this year.  

The company reported that its profit jumped by 4.36 times increase while its loss increased by 2.5 X  to Rs 864.5 crore in FY23. Hero Moto Corp now holds 42 percent of the total stake and is an associate  company of Ather Energy. The board at the company approved the purchase of a 2.2% stake in Ather  Energy for 15 million, making Hero Motocorp the largest stakeholder with a 42 percent stake. Ather  Energy has raised a total of 550 million to date and had a valuation of 750 million in its series E  round. 

Vahan data reported Arther Energy as the fourth largest EV manufacturer for two-wheelers with a  9.42 percent market share. The company achieved impressive deals figures; the startup claimed to  have sold over 17,000 units in March. In contrast, deals dropped to just 4,000 electric scooters in  April. Ola Electric contributed 50 of the overall deals by selling over 30,000 units last month. Alther is  focusing on expanding its network by adding 2,500 new charging stations. 

Conclusion: 

Ather Energy is a two-wheeler manufacturing startup that had a 1.5 percent decline in scale this year  following the four times increase in the last financial year. Ather Energy got this investment after the  Stride Venture invested Rs 200 crore in the funding round including BP Venture, Hero Motocorp, and  Stride Ventures. The startup is the fourth largest electric scooter manufacturer offering  manufacturing solutions nationwide. Alter Energy was valued at around $750 million previously in its  Series E round.

This EV startup was planning to secure $95 million in its pre-IPO round before going  public. The primary source of profit for the company is deals and after sale subscription services.  Founded by Swapnil Jain and Tarun Mehta to offer affordable and high-performance two-wheeler EV  solutions. The firm achieved impressive deals figures, claiming to have sold over 17,000 units in  March this time. The board members at the company approved the purchase of an additional 2.2%  stake in Ather Energy for 15 million, making Hero Motocorp the largest stakeholder with a 42 percent  share. Ola Electric contributed further than half of the overall deals by selling over 30,000 units last  month. The company reported that its profit jumped 4.36 times while its loss increased 2.5 times to  Rs 864.5 crore in FY23.