Ather Energy Secures $71 Mn, Becomes India's Latest Unicorn
The company’s co-founders, Tarun Sanjay Mehta and Swapnil Jain, also contributed Rs 43.28 crore each via Series F preference shares, as per media reports
According to media reports, Ather Energy, an electric two-wheeler manufacturer, has raised USD 71 million in a new funding round led by its existing investor, the National Investment and Infrastructure Fund (NIIF). This latest investment has propelled Ather's valuation to $1.3 billion, officially making it a unicorn startup. India now boasts around 106 unicorns.
Ather Energy has been actively raising funds since late 2023. In May of this year, the company secured Rs 286 crore ($34 million) through a combination of debt and equity, with a significant portion coming from venture debt firm Stride Ventures, which invested close to Rs 200 crore via debentures.
The company’s co-founders, Tarun Sanjay Mehta and Swapnil Jain, also contributed Rs 43.28 crore each via Series F preference shares.
In September last year, Hero MotoCorp, an existing shareholder in Ather, announced its board's approval to invest Rs 550 crore in the company, according to media reports.
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