Ather Energy Secures Rs 60 Crore in Debt Funding from InnoVen Capital
- ByStartupStory | July 29, 2024
Bengaluru-based electric vehicle (EV) manufacturer, Ather Energy, has successfully raised Rs 60 crore in debt funding from InnoVen Capital India Fund through its trustee, Vistra ITCL. The company announced this development in a recent filing with the Ministry of Corporate Affairs. The funding will be facilitated through the issuance of 6,000 Series D1 unlisted, secured, redeemable, non-convertible debentures, each with a face value of Rs 1 lakh, in a private placement.
Ather Energy is gearing up for its initial public offering (IPO) and took a significant step towards this goal by transitioning from a private company to a public limited company in June 2024. Hero MotoCorp, one of the key investors in Ather Energy, reinforced its commitment to the company by acquiring an additional 2.2% stake for Rs 124 crore in the same month.
In addition to this recent funding, Ather Energy had earlier secured Rs 286 crore through a mix of debt and equity from venture debt firm Stride Ventures and its founders. The company is also backed by prominent investors such as Tiger Global and GIC Singapore. In April, YourStory exclusively reported that Ather Energy was planning to raise $95 million ahead of its IPO.
The EV manufacturer is not alone in the race to tap into the public market. Ola Electric, another key player in the electric two-wheeler segment and a competitor to Ather Energy, is set to launch its IPO subscription on August 2, 2024.
According to data from Tracxn, Ather Energy reported a revenue of Rs 1,806 crore for the fiscal year 2022-23, a significant increase from Rs 413.9 crore in the previous year. However, the company’s losses for the same period widened to Rs 864.5 crore from Rs 344.1 crore in 2021-22.
Hero MotoCorp increased its stake in Ather Energy in June by purchasing an additional 2.2% stake for Rs 124 crore.
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