Ather Energy’s Net Loss Widens 22.5% To INR 1,060 Cr In FY24

Bengaluru-based two-wheeler electric vehicle (EV) manufacturer Ather Energy’s net loss widened 22.5% in the fiscal year ended March 31, 2024 (FY24), as per the annual report of Hero MotoCorp.

The EV manufacturer’s net loss jumped to INR 1,059.7 Cr in FY24 from INR 864.5 Cr in FY23, as per the report. Hero MotoCorp owns 40.89% stake in Ather Energy on a fully-diluted basis.

The startup’s revenue from operations rose 0.3% to INR 1,789.10 Cr during the year under review from INR 1,783.60 Cr in FY23.

Ather Energy is yet to file its financial statements for FY24 with the Ministry of Corporate Affairs. 

Ather Energy cost Hero MotoCorp INR 389.77 Cr in losses in FY24 versus INR 192.5 Cr a year ago, as per the annual report.

Despite mounting losses, Hero MotoCorp continues to increase its stake in Ather Energy. In June, Hero MotoCorp announced an additional 2.2% stake acquisition in Ather for INR 124 Cr.

Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather Energy is a major player in the Indian two-wheeler EV market and currently offers two escooters – Ather 450X and Ather 450S.

The startup has two manufacturing plants in Tamil Nadu with a combined capacity to produce 4.2 Lakh scooters annually. Now, it is planning to set up a third manufacturing facility in Maharashtra.

Additionally, Ather Energy has a network of 1,700+ fast charging stations across the country and plans to scale this number up to 5,000 by the end of the year.

The startup competes with the likes of Ola Electric, TVS Motor, Bajaj and Hero MotorCorp’s Vida.

This comes at a time when Ather is said to be eyeing a public listing in the second half of 2024 at a valuation of around $2 Bn. In the run up to its initial public offering (IPO) launch, the startup converted into a public entity last month.