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

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Rising Losses in FY24

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Financial Details

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Impact on Hero MotoCorp

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Increased Investment

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Expansion Plans

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IPO Ambitions

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

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

Rising Losses in FY24

Ather Energy, a Bengaluru-based EV manufacturer, saw a 22.5% rise in net loss in FY24.

Financial Details

Net loss increased to INR 1,059.7 Cr in FY24 from INR 864.5 Cr in FY23.

Impact on Hero MotoCorp

Hero MotoCorp, owning 40.89% of Ather, incurred INR 389.77 Cr in losses due to Ather in FY24.

Increased Investment

Despite the losses, Hero MotoCorp increased its stake in Ather by 2.2% in June.

Expansion Plans

Ather plans to set up a third manufacturing plant and expand its fast-charging network.

IPO Ambitions

Ather is eyeing a public listing in the second half of 2024, valued at around $2 Bn.

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