Ather Energy Pvt. Ltd., an Indian electric vehicle (EV) manufacturer, has achieved unicorn status with a valuation of $1.3 billion, following a recent $71 million funding round led by the National Investment and Infrastructure Fund (NIIF). Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather is known for its premium electric scooters, including the Ather 450X and 450 Plus, and its robust charging infrastructure, Ather Grid.
Financial Highlights and Growth For FY 2024, Ather reported a revenue of INR 1,789 crore, maintaining stability compared to the previous year, despite an increase in losses to INR 1,059 crore. The company’s significant growth includes a rise in vehicle registrations and the launch of new models like the Ather 450X 2022 and 450S. Ather’s scooters are now delivered in over 11 Indian cities.
Innovations and Expansion Ather continues to innovate with upgrades to its scooter lineup, such as the larger battery in the 2022 450X model. The company also expanded its manufacturing capabilities with a new 400,000-square-foot facility in Hosur, Tamil Nadu, set to boost production to 100,000 units annually.
Challenges and Future Plans Despite its success, Ather faces challenges, including supply chain issues and the need for a supportive local ecosystem. The company plans to ramp up production significantly and aims to hit 1 million units annually by next year. Additionally, Ather is preparing for an initial public offering (IPO) to raise up to INR 3,100 crore (approximately $370 million).
Looking Ahead As Ather Energy continues to lead the electric vehicle revolution in India, its innovative approach and strategic expansions position it as a key player in the future of sustainable transportation.
