Ather Energy, which specialises in electric scooters, is aiming to use the proceeds from the IPO to establish a new electric two-wheeler factory in Maharashtra
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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
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According to media reports, this latest round follows Ather's Rs 286 crore (approximately $34 million) fundraising two months ago, combining debt and equity
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Ather Energy's turnover for fiscal 2024 is reported to be Rs 1,753 crore, slightly lower than its operating revenue for FY23. The company had incurred a net loss of Rs 864 crore in FY23
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The new funds will likely support Ather's new product launches and the expansion of its charging infrastructure and retail dealership network
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