Ather Energy raises Rs 50 Cr debt from Innoven Capital

Electric scooter maker Ather Energy has raised Rs 50 crore debt from InnoVen Capital. The development has come after four months of its Series E round.

The board at Ather has passed a special resolution to issue 500 Series A non-convertible debentures (NCD) at an issue price of Rs 10,00,000 per debenture to InnoVen Capital for the consideration of Rs 50 crore or $6.12 million, regulatory filings show.

Ather Energy has raised around $286 million to date (including this debt round). In May this year, the company announced its largest financing round worth $128 million led by the National Investment and Infrastructure Fund’s (NIIF) Strategic Opportunities Fund (SOF) and Hero MotoCorp.

At the time of funding, the Bengaluru-based company said that it would deploy funds towards manufacturing facilities, invest in research and development, charging infrastructure, and grow its retail network.

As per Fintrackr’s analysis, the company registered a 5X growth in its revenue to Rs 408.5 crore in FY22 from nearly Rs 80 crore during FY21. Its annual losses also surged 47.5% to Rs 344 crore in FY22 from Rs 233.3 crore in FY21.

On the lines of many late-stage companies, Ather Energy also has plans to go public. While the company did not disclose the timeline of its listing on the bourses, media reports have speculated on the end of 2023.

EV and EV-focused startups have witnessed a rising trend of investment since 2020, when the sector attracted $195 million. $570 million in 2021 and $673 million during 2022 (till Sep 15th), as per a report prepared by Entrackr.