Ather Energy, a Bengaluru-based EV, has raised $34.5 million in a debt and equity round led by Stride Ventures. This funding round included new and existing investors and was led by Stride Ventures with Rs 200 crore, followed by co-founders with Rs 43.28 crore each. According to a report by Entrackr, Ather Energy is planning to raise $95 million in a pre-IPO round. Here we are talking about Ather Energy Secured $34.5 Million in a Round LED by Stride Ventures.
The existing investor of the startup, Sachin Bansal, has reportedly sold his portion of the stake in the company to Zerodha’sco-founder Nikhil Kamath. The startup offers electric scooter manufacturing with fast and intelligent manufacturing nationwide. Swapnil Jain and Tarun Mehta founded this Electric scooter startup in Bengaluru to offer high-performance intelligent electric scooters.
Here we are discussing about Ather Energy Secured $34.5 Million in a Round LED by Stride Ventures:
The startup data intelligence platform, TheKredible, mentioned that Alter Energy was valued at around $750 million in its previous Series E round. The startup is predicted to get unicorn status after upcoming rounds. Alter Energy has raised a total funding amount of $450 million. TheKredible mentioned Hero Motocorp as the largest stakeholder of the startup, followed by Caladium Investment, Tiger Global, and Sachin Bansal. These fresh proceeds will be used to build innovative two-wheeler EV solutions for market expansion and to increase the platform’s performance capability.
The startup had a 4.36 times increase in its operation revenue to Rs 1,784 crore, while the loss increased 2.5 times to Rs 864.5 crore in FY23. Despite the financial losses, the company achieved impressive sales numbers, claiming to have sold over 17,000 units in March. In contrast, deals dropped to just 4,000 electric scooters in April. Ola Electric contributed 50% of the overall sales by selling more than 30,000 units last month. Alter Energy intends to use the funding amount to strengthen its platform and reach more people nationwide.
Conclusion
Ather Energy is an EV startup that raised a $34.5 million fund in debt and equity round from Stride Ventures. The company’s regulatory filing reported that Stride Ventures invested Rs 200 crore, followed by the co-founders of Ather Energy, Tarun Sanjay Mehta and Swapnil Jain, with Rs 43.28 crore each. Investors who may have participated in the funding round include BP Ventures Hero Motocorp, Tiger Global, Caladium Investment, Stride Ventures, and more. Ather Energy is the largest electric scooter manufacturer, and it manufactures fast and intelligent scooters nationwide.
Alter Energy was valued at around $750 million in its previous Series E round. These fresh proceeds will be used to build innovative two-wheeler EV solutions for market expansion and to increase the platform’s performance capability. The electric two-wheelers market saw a 50% decline in April. Despite the loss, the electric vehicle market is predicted to grow gradually across the Country as investors become more interested in the EV sector. Hero Motocorp is the largest stakeholder of the startup. These fresh proceeds will be used to build innovative two-wheeler EV solutions for market expansion and to increase the platform’s performance capability.
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