Bengaluru-based two-wheeler maker Ather EnergyAther Energy Datalabs is set to raise Rs 60 crore (approx. $7.1 Mn) through convertible debentures (NCD) from Innoven Capital. As part of this departmental funding, 6,000 Series D1 Debentures with a face value of Rs.1,00,000 (one lakh) per Debenture will be issued to Aether Innoven Capital.
“Pursuant to the Order, 6,000 Series D1 Unlisted, Secured, Redeemable, Non-Convertible Debentures (“Series D1 Debentures”) of face value of Rs.1,00,000 each have been allotted. By way of private placement, the private placement offer cum application letter with serial number,” said Ether in a filing with the Registrar of Companies (RoC).
This debt funding marks the third infusion into Ether in two months, following last month's infusion of Rs 286.5 crore combined equity and debt.
Along with this, Etherin's board also approved raising Rs 200 crore in debt funding from Stride Ventures by issuing 20,000 non-convertible debentures.
Last year, Hero MotoCorp was ready to acquire an additional 3% stake in Ether for Rs 140 crore. Ether 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% stake in Ather Energy on a fully diluted basis.
Meanwhile, reports also surfaced earlier this year that existing investor Sachin Bansal had sold a significant portion of his stake in Aether Energy to Zeroda co-founder Nikhil Kamat. According to Hero MotoCorp's annual report, Ather Energy's net loss for the financial year ended March 31, 2024 (FY24) widened by 22.5%. The EV maker's net loss widened to Rs 1,059.7 crore in FY24 from Rs 864.5 crore in FY23, according to the report.
Founded in 2013 by Tarun Mehta and Swapnil Jain, Aether Energy is a major player in the Indian two-wheeler EV market and currently offers two scooters – the Aether 450X and the Aether 450S. The startup has two manufacturing plants in Tamil Nadu with a combined capacity to manufacture 4.2 lakh scooters annually. Now it is planning to set up a third production center in Maharashtra.
Additionally, Aether 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 startup competes with companies like Ola Electric, TVS Motor, Bajaj and Hero Motor Corp's Vida.
