Ather Energy, an Indian electric scooter manufacturer, is reportedly on the verge of securing between $75 and $90 million in fresh funding from both existing and potential new investors. The negotiations for the primary funding round are ongoing, with an existing investor likely to lead it. This could potentially value Ather Energy at up to $1 billion, propelling it into the unicorn club.

Recently, significant shareholder changes occurred, with Nikhil Kamath, Co-Founder of Zerodha, acquiring a large part of Sachin Bansal’s stake in the company. Sachin, a Co-Founder of Flipkart and an existing investor, might also sell his remaining shares to Nikhil.

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Founded in 2013, Ather has emerged as a key player in India’s electric two-wheeler market, offering models like the Ather 450X and Ather 450S. Despite a substantial increase in its net losses, which surged by over 150% in the fiscal year ending March 31, 2023, the company’s operating revenue grew fourfold, indicating robust sales growth.

The fresh capital aims to support new product launches and expand Ather’s charging infrastructure and retail presence. This follows a previous funding round last year, where Ather raised INR 900 Cr from shareholders including Hero MotoCorp and GIC.

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