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Ather Energy raises Rs 60 Cr in debt from InnoVen Capital

The EV scooter maker will allot 6000 series D1 debentures with a face value of Rs 1 lakh as part of the debt offering.

Ather Energy raises Rs 60 Cr in debt from InnoVen Capital

Monday July 29, 2024 , 2 min Read

Bengaluru-based Ather Energy raised Rs 60 crore in debt funding from InnoVen Capital India Fund through its trustee, Vistra ITCL, the company said in a filing with the Ministry of Corporate Affairs.

The electric vehicle company will allot 6,000 Series D1 unlisted, secured, redeemable, non-convertible debentures having a face value of Rs 1 lakh in a private placement. 

Ather aims to file for its initial public offering (IPO) and has converted from a private company to a public limited company in June this year. 

Hero MotoCorp, a key investor in the company, increased its stake in the startup in June by purchasing an additional 2.2% stake for Rs 124 crore.

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The two-wheeler manufacturer had also raised Rs 286 crore via debt and equity from venture debt firm Stride Ventures and its founders. Tiger Global and GIC Singapore also back the two-wheeler manufacturer.

YourStory had exclusively reported in April that the company was looking to raise $95 million before its IPO. 

 

Ola Electric, which manufactures electric two-wheelers and competes with Ather Energy, will launch its IPO subscription on August 2. 

According to data website Tracxn, Ather reported a revenue of Rs 1,806 crore in FY22-23, up from Rs 413.9 crore in the previous year. 

Its losses for the same period widened to Rs 864.5 crore compared to Rs 344.1 crore in 2021-22.


Edited by Suman Singh