We are discussing Ather Energy’s Revenue Declined by 1.5% After Four-Fold Growth in FY23:
Bengaluru-based Ather Energy, an EV manufacturing startup, experienced an increase of more than four times in the last financial year. Following this growth, the startup saw a 1.5 percent decline in scale this year. This EV startup planned to secure $95 million in its pre-IPO round before going public.
The startup offers electric scooter manufacturing with intelligent manufacturing solutions across the country. Alther Energy’s operations dropped by 1.5 percent to Rs 1,754 crore in FY24 compared to Rs 1,781 core in FY23. The company’s primary source of profit is deals and after-sale subscription services. The startup achieved impressive sales numbers, claiming to have sold over 17,000 units in March this year.
The company reported that its profit jumped by 4.36 times while its loss increased by 2.5 X to Rs 864.5 crore in FY23. Hero Moto Corp now holds 42 percent of the total stake and is an associate company of Ather Energy. The board at the company approved the purchase of a 2.2% stake in Ather Energy for 15 million, making Hero Motocorp the largest stakeholder with a 42 percent stake. Ather Energy has raised a total of 550 million to date and had a valuation of 750 million in its series E round.
Vahan data reported Arther Energy as the fourth largest EV manufacturer for two-wheelers, with a 9.42 percent market share. The company achieved impressive deals figures; the startup 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 deals by selling over 30,000 units last month. Alther is focusing on expanding its network by adding 2,500 new charging stations.
Conclusion
Ather Energy is a two-wheeler manufacturing startup with a 1.5 percent decline in scale this year following the four times increase in the last financial year. Ather Energy got this investment after Stride Venture invested Rs 200 crore in the funding round, including BP Venture, Hero Motocorp, and Stride Ventures. The startup is the fourth largest electric scooter manufacturer offering manufacturing solutions nationwide. In its Series E round, Alter Energy was valued at around $750 million. This EV startup planned to secure $95 million in its pre-IPO round before going public.
The company’s primary profit source is deals and after-sale subscription services. Founded by Swapnil Jain and Tarun Mehta to offer affordable and high-performance two-wheeler EV solutions. The firm achieved impressive deals figures, claiming to have sold over 17,000 units in March. The board members at the company approved the purchase of an additional 2.2% stake in Ather Energy for 15 million, making Hero Motocorp the largest stakeholder with a 42 percent share. Ola Electric contributed more than half of the overall deals by selling over 30,000 units last month. The company reported that its profit jumped 4.36 times while its loss increased 2.5 times to Rs 864.5 crore in FY23.
