Ather Energy, a Bengaluru-based EV has raised $34.5 million in a debt and equity round led by Stride  Ventures. This funding round has the participation of new and existing investors of the startup and was  led by Stride Ventures with Rs 200 crore followed by co-founders of the startup with Rs 43.28 crore  each. According to a report by Entrackr, Ather Energy is planning to raise $95 million in a pre-IPO round.  

The existing investor of the startup, Sachin Bansal has reportedly sold his portion of the stake in the  company to Zerodha’sco-founder Nikhil Kamath. The startup offers electric scooter manufacturing with  fast and intelligent manufacturing across the country. This Electric scooter startup was founded by  Swapnil Jain and Tarun Mehta in Bengaluru to offer high-performance smart electric scooters. 

Image source: atherenergy.com 

The startup data intelligence platform, TheKredible mentioned that Alter Energy was valued at around  $750 million in its previous Series E round. The startup is predicted to get unicorn status after upcoming  rounds. Alter Energy has raised a total funding amount of $450 million to date. TheKredible mentioned  Hero Motocorp as the largest stakeholder of the startup followed by Caladium Investment, Tiger  Global, and Sachin Bansal. These fresh proceeds will be used to build innovative two-wheeler EV  solutions for market expansion and to increase the performance capability of the platform. 

The startup had a 4.36 times increase in its operation revenue to Rs 1,784 crore while the loss  increased 2.5 times to Rs 864.5 crore in FY23. Despite the financial losses, the company achieved  impressive sales numbers, claiming 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 sales by selling more  than 30,000 units last month. Alter Energy intends to use the funding amount to make its platform  stronger and reach more people around the country. 

Conclusion: 

Ather Energy is an EV startup, that raised a $34.5 million fund in debt and equity round from Stride  Ventures. The company’s regulatory filing reported that Stride Ventures invested Rs 200 crore followed  by the co-founders of Ather Energy, Tarun Sanjay Mehta, and Swapnil Jain with Rs 43.28 crore each.  Investors who may have participated in the funding round include BP Ventures Hero Motocorp, Tiger  Global, Caladium Investment, Stride Ventures, and more. Ather Energy is the largest electric scooter  manufacturer with fast and intelligent manufacturing across the country. Alter Energy was valued at  around $750 million in its previous Series E round. These fresh proceeds will be used to build innovative  two-wheeler EV solutions for market expansion and to increase the performance capability of the  platform. The electric two-wheelers market saw a 50% decline in April. Despite the loss, the electric  vehicle market is predicted to grow gradually across the Country as investors are becoming more  interested in the EV sector. Hero Motocorp is the largest stakeholder of the startup. These fresh  proceeds will be used to build innovative two-wheeler EV solutions for market expansion and to  increase the performance capability of the platform.