Bengaluru-based EV maker Ather Energy has raised Rs 60 crore in debt funding from Stride Ventures, according to media reports. The funding was facilitated through Vistra ITCL and supports Ather's plans for a potential IPO.
This move comes shortly before rival Ola Electric's IPO, set to open on August 2, 2024, according to media reports.
According to media reports, this latest round follows Ather's Rs 286 crore (approximately $34 million) fundraising two months ago, combining debt and equity. Stride Ventures invested around Rs 200 crore, while co-founders Tarun Mehta and Swapnil Jain contributed Rs 43.28 crore each via Series F preference shares.
To date, Ather Energy has raised approximately USD 450 million from investors like Tiger Global and Hero MotoCorp, according to media reports. Hero MotoCorp, holding a 38 per cent stake, reported Ather's FY24 revenue at Rs 1,789 crore, up from Rs 1,783 crore in FY23, with net losses increasing to Rs 1,059.7 crore from Rs 864.5 crore. Ather ranks as India's fourth-largest two-wheeler EV manufacturer with 6,097 units.
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