Ather joins unicorn club with $71 Mn from existing backer NIIF

Electric scooter manufacturer Ather Energy has entered the unicorn club as the Bengaluru-based firm scooped up $71 million from existing investor National Investment and Infrastructure Fund (NIIF).

Sources close to the firm indicate that Ather has been valued at around $1.3 billion. ET reported the fundraise first.

With this, the company managed to raise over $125 million in the last three months. In May, the firm raised $34.5 million through debt and equity in which its co-founders Tarun Mehta and Swapnil Jain also invested over $10 million. Since then, it raised Rs 124 crore ($15 million ) from HeroMoto MotoCorp and Rs 60 crore ($7 million) from Stride.

Entrackr exclusively reported Ather’s $35 million fundraise in May.

As per startup data intelligence platform TheKredible, Ather has raised around $450 million to date from the likes of Tiger Global and Hero MotoCorp, Nikhil Kamath, and Sachin Bansal, among others.

Queries sent to Ather did not elicit an immediate response.

Ather appears to be in line to go public, and the firm recently converted itself into a public firm. This marks the company’s concrete step towards a definitive initial public offering (IPO) plan. Its biggest competitor Ola Electric had already hit the stock exchange last week.

Ather registered a flat scale in FY24 as its revenue from operations decreased by 1.5% to Rs 1,754 crore in FY24 from Rs 1,781 crore in FY23. The company is yet to divulge losses for the last fiscal year.

Ather will be the fourth unicorn of 2024. Recently, mobility firm Rapido joined the coveted club whereas Perfios and Krutrim SI Designs attained unicorn status in March and January, respectively.

Last month, Entrackr also reported that Moneyview and Leap are set to raise a new round at unicorn valuation.