Ather likely to join unicorn club with $250 mn fund raise
1 min read 16 Feb 2023, 11:41 PM ISTAther Energy plans to raise approximately $250 million in a primary infusion, with a significant secondary component, one of the three people said, requesting anonymity. The company aims to secure a post-money valuation of $1.3 billion, the person said
PremiumNew Delhi: Ather Energy Pvt. Ltd, an electric two-wheeler maker, seeks to raise funding from current and new investors at a unicorn valuation, three people aware of the developments said.
Bengaluru-based Ather Energy plans to raise approximately $250 million in a primary infusion, with a significant secondary component, one of the three people said, requesting anonymity. The company aims to secure a post-money valuation of $1.3 billion, the person said. National Infrastructure Investment Fund (NIIF), one of the existing investors in the company, is likely to participate in the round. “NIIF may invest to the tune of $50 million. Besides, the company is also in talks with a US-based fund among other investors to lead the round," a second person said, also requesting anonymity. The company, which also counts Hero MotoCorp among its investors, earlier hired investment bank Avendus Capital to scout for investments. While a spokesperson for Avendus declined to comment, email queries sent to Ather Energy and NIIF remained unanswered till press time.In an interview last month, co-founder and chief executive Tarun Mehta said that the company raised a total of $170-$180 million to date. He added that the latest funding round in October valued the company at around $800 million. Highlighting Ather’s growth, Mehta said that the company is already clocked revenue of over ₹2,000 crore, or about $300 million, in January and is likely to hit the $1 billion revenue figure by the end of this year.
Ather Energy is pursuing an aggressive expansion plan by opening distribution centres across India. In December, Ather’s Mehta said it plans to boost production capacity to 20,000 units a month by March.
