13 August 2024
Electric scooter maker Ather Energy has cruised into the unicorn league after closing a Rs 600-crore ($71 million) funding from existing investor National Investment and Infrastructure Fund (NIIF), multiple people briefed on the matter said. Post the funding, Ather has been valued at $1.3 billion, or about Rs 10,900 crore, they said.
It is the country’s fourth unicorn this year and second in the mobility space after Rapido, which closed a $120-million funding from WestBridge Capital at a post-money valuation of $1 billion, as ET reported on July 29.
NIIF, the Indian sovereign wealth fund, first invested in Ather in May 2022. The electric scooter maker was last valued at around $740-750 million in 2022, but Hero MotoCorp – its largest backer with a 40% shareholding – had invested Rs 124 crore into the firm in a secondary transaction in June at an inferred valuation of $671 million (Rs 5,636 crore).
Electric scooter maker Ather Energy has cruised into the unicorn league after closing a Rs 600-crore ($71 million) funding from existing investor National Investment and Infrastructure Fund (NIIF), multiple people briefed on the matter said. Post the funding, Ather has been valued at $1.3 billion, or about Rs 10,900 crore, they said.
It is the country’s fourth unicorn this year and second in the mobility space after Rapido, which closed a $120-million funding from WestBridge Capital at a post-money valuation of $1 billion, as ET reported on July 29.
NIIF, the Indian sovereign wealth fund, first invested in Ather in May 2022. The electric scooter maker was last valued at around $740-750 million in 2022, but Hero MotoCorp – its largest backer with a 40% shareholding – had invested Rs 124 crore into the firm in a secondary transaction in June at an inferred valuation of $671 million (Rs 5,636 crore).
Stay Connected, Stay Informed –
Don’t miss out on exclusive updates, market trends, and real-time investment opportunities. Be the first to know about the latest unlisted stocks, IPO announcements, and curated Fact Sheets, delivered straight to your WhatsApp.