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Ather Energy raises $34.5M from co-founders, Stride Ventures

The funding round follows nine months after the IPO-bound firm announced securing Rs 900 crore from existing stakeholders Hero MotoCorp and GIC through a rights issue.

Ather Energy raises $34.5M from co-founders, Stride Ventures

Saturday June 01, 2024 , 2 min Read

Electric vehicle manufacturer Ather Energyhas raised Rs 286 crore ($34.5 million) through a combination of debt and equity. 

While venture debt firm Stride Venturesinvested Rs 200 crore through non-convertible debentures, Ather co-founders Tarun Sanjay Mehta and Swapnil Babanlal Jain pumped in Rs 43.28 crore each through Series F compulsory convertible preference shares, according to the filings obtained from the Registrar of Companies (ROC).

The development was reported by Entrackr first.

The funding round follows nine months after the IPO-bound firm announced securing Rs 900 crore from existing stakeholders Hero MotoCorpand GICthrough a rights issue. During the same month, Hero MotoCorp acquired an additional 3% stake in Ather for Rs 140 crore.

According to the filings, the board of directors of Ather Energy have sanctioned the appointment of Kaushik Dutta as an independent director of the company for a tenure of five years, commencing from May 6, 2024. 

Dutta currently serves as Zomato's chairman, including chair of audit and other committees on the Boards of HCL lnfosystems Ltd, New Gen Software Limited, PolicyBazaar (PB Fintech) Limited, and Resilient Systems Private Limited (Bharat Pe). He is also the founding co-director of Thought Arbitrage Research Institute, a non-profit organisation, and a fellow member of the Institute of Chartered Accountants.

Last month, YourStory reported Ather Energy being in talks with existing investors to raise $95 million in pre-IPO funding to help the company secure a spot in the unicorn club. 

Also Read
Unicorn club round the corner for Ather as it looks to raise $95M in pre-IPO round

Founded by Tarun Mehta and Swapnil Jain in 2013, the EV manufacturing company has a network of over 1,400 charging stations across 100 cities. It specialises in the production of three electric scooters: the Ather 450X, Ather 450 Plus, and Ather 450S.

During FY 2021-22, the EV maker reported an expanded loss amounting to Rs 344.1 crore for FY22, surpassing the Rs 233.3 crore loss incurred in the previous fiscal year.