Bengaluru-based two-wheeler manufacturer Ather Energy is set to raise Rs 60 crore (about $7.1 mn) from Innoven Capital through convertible debentures (NCDs). As part of this departmental funding, Ather will issue 6,000 Series D1 debentures to InnoVen Capital with a face value of Rs 1,00,000 (one lakh) per debenture.
Pursuant to the Order, 6,000 Series D1 Unlisted, Secured, Redeemable and Non-Convertible Debentures ("Series D1 Debentures") having a face value of Rs 1,00,000 per series have been allotted. Through private placement, private placement offer cum application letter with serial number, "Ather said in a filing to the Registrar of Companies (RoC).
This debt funding marks the third infusion in Ather in less than two months, following last month's infusion of equity and debt together estimated at Rs. 286.5 crore.
Along with this, Ather's board also approved raising Rs 200 crore debt funding from Stride Ventures by issuing 20,000 non-convertible debentures.
Last year, Hero MotoCorp had agreed to acquire an additional 3% stake in Ather for Rs 140 crore. Ather Energy had raised Rs 900 crore from existing shareholders Hero MotoCorp and GIC through a rights issue in September last year. Notably, Hero MotoCorp holds 40.89 per cent stake in Ather Energy on a fully diluted basis.
Earlier this year, it was reported that Sachin Bansal, an existing investor, had sold a significant portion of his stake in Ather Energy to Zerodha co-founder Nikhil Kamath. According to Hero MotoCorp's annual report, Ather Energy's net loss increased by 22.5 per cent in the financial year ended March 31, 2024 (FY24). The EV maker's net loss rose to Rs 1, 059.7 crore in FY24 from Rs 864.5 crore in FY23, as per the report.
Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather Energy is a leading player in the Indian two-wheeler EV market and currently offers two Escooters - Ather 450X and Ather 450S. The start-up has two manufacturing plants in Tamil Nadu with a combined capacity to manufacture 4.2 lakh scooters per annum. A third manufacturing facility is coming up in Maharashtra.
Additionally, Ather Energy has a network of 1,700 + fast charging stations across the country and plans to increase this number to 5,000 by the end of the year. The start-up competes with the likes of Ola Electric, TVS Motor, Bajaj and Hero MotoCorp's Vida.
