One of the two models is expected to be a long-range version of 450X, which will have a bigger battery pack, while the other may come with some upgrades. Get the full list, Co-Founder, Board Member & Chief Executive Officer, Co-Founder, Board Member & Chief Technology Officer, National Investment and Infrastructure Fund. Engine manufacturer Greaves Cotton acquired a 67 percent stake in the 10 year-old, Ratan Tata-backed start-up Ampere Vehicles in 2018 for Rs 77 crore, thereby giving it a valuation of Rs 115 crore. Industry Trends on 4000+ Stocks, Ather Energy raises $128 million led by Indian governments sovereign fund, Hero MotoCorp. Manufacturer of two-wheeler electric vehicles designed to provide an eco-friendly ride with modern features. Copyright HT Digital Streams Limited All rights reserved. This will alert our moderators to take action. Our Standards: The Thomson Reuters Trust Principles. Its current models, Ather 450 Plus and Ather 450X, are priced at 1,31,647 and 1,50,657, respectively. Get the full list, Youre viewing 5 of 12 investors. Apart from Hero MotoCorp, the Bengaluru-based Ather Energy is backed by the founders of Flipkart -- Sachin Bansal and Binny Bansal -- and Tiger Global. National Investment and Infrastructure Fund. Ut enim ad minim veniam, quis nostrud, To view Athers complete valuation and funding history, request access, To view Athers complete cap table history, request access, Youre viewing 5 of 12 competitors. Ather Energy's deal structure is available for 3 funding rounds, including their Series C - II from July 24, 2020. Twenty Two Motors, dba 22Motors, aims to deliver a smart scooter that is fully IOT compliant with GPS, GPRS, and devices such as gyroscope and accelerometer, making it virtually theft proof. The number of EVs has been seeing a continuous rise in the country and 4.29 Lakh EVs were sold in FY22. Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model. In Pics | From ICE to EV, here are 9 car launches scheduled for April, Oben Electric launches motorcycle Rorr at Rs 99,999 onwards, Mahindra Bolero Neo launched: Price starts at Rs 8.48 lakh. 2-Year Before that, Sachin Bansal and Hero MotoCorp had infused $35.1 million in series D funding in Ather in November 2020. The required investment and pace of expansion will also push back Ather's profitability, which Mehta expects is now another two years away. Get the full list, Youre viewing 5 of 13 executive team members. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Consistent volume declines, especially in rural areas, are causing stress and inflation has exacerbated that, Hindustan Unilever (HUL) managing director Sanjiv Mehta said, urging the authorities to manage interest rates without stifling growth. Hero MotoCorp bumps Ather Energy with another 420 crore round. Your session has expired, please login again. A source with knowledge of the plans said Ather was looking for about $133 million. The startup launched two electric scooters Ather 450 and Ather 450X in 2020. Hero MotoCorp, National Investment and Infrastructure Fund, and Undisclosed Investors. This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp. Ola, though, has entered the electric vehicles market with a splash it set up what it says will be the worlds largest two-wheeler factory, and has embarked on a marketing blitz to promote its scooters. Sunil is a creative person who combines his love for writing with tech and business. Copyright 2022 CB Information Services, Inc. All rights reserved. Executive Director and Chief Investment Officer of NIIFL, said that Ather Energy has indigenously designed and developed products with a high level of domestic component sourcing and adaptable to Indian conditions. Other existing investors in the company, including angel founders, also supported the round through minor investments. It was founded in 2008 and is based in Tamil Nadu, India. It manages over $4.3 billion of equity capital commitments across its three funds Master Fund, Fund of Funds, and Strategic Opportunities Fund. Ultraviolette is estimated to have incurred a loss of Rs 2.6 crore for FY20, based on TVSs share of Rs 67 lakh. He added that FY-22 was the turning point for electric two-wheeler adoption in India. Recently, Ather installed its public charging network named Ather across 310+ charging points across India. Indias startups have seen their valuations soar this year, and as many as 40 startups have entered the unicorn club, but even entrepreneurs themselves are beginning to question whether the exuberance is entirely warranted. Ampere Vehicle recorded a loss of 21.33 crore during FY20 on revenues of Rs 90 crore, as per disclosures made by Greaves Cotton in its FY20 annual report. Incorporated in 2015, Pune-based startup Tork Motors is yet to launch its first all-electric product but the valuation of the Bharat Forge-backed company is at Rs 113 crore. Though the commercial launch of the F77, which is also its first product launch, is slated for 2021, Ultraviolettes valuation has seen a spike. The Pune-based forging company has steadily raised its stake in Tork to nearly 49 percent over the last few years. Apart from its flagship products, Ather 450 Plus Ather 450X, Ather Energy is reportedly planning to come up with two new models in this range. To buy a copy, visit Amazon. Ather Energy sold 3,779 units in April 2022, its highest ever monthly sales, on the back of strong bookings for its flagship product Ather 450X e-scooter. REUTERS/Francis Mascarenhas. Scooter information is available on the cloud, and hence all the troubleshooting and other services can be managed automatically.On October 7th, 2021, 22Motors was acquired by Bounce. Being a sovereign fund, they are far more patient, understand long-term value creation and are driven by more secular trends", Mehta said, adding that he is confident NIIF will also support Ather Energy in its future fundraise rounds. "The demand is massive, and the Indian market has been supply constrained," he said. On the other hand, this is NIIFs first direct investment in the manufacturing sector as well as in electric mobility. Win whats next. He declined to comment on the amount the company plans to raise. Ola Electric has now taken orders for over a 1 lakh electric bikes, but is yet to deliver a single unit. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. +Includes DocuBay and TimesPrime Membership. He added that a "realistic" estimate of being able to attain a capacity of 1 lakh/month capacity is before the end of next year, "which is still 18 months out". Hero MotoCorp invested in Ather Energy's Series E funding round. It is currently present in 32 cities, with 38 experience centres. Investments made by Bharat Forge, Bajaj Auto, TVS Motor Company and Greaves Cotton, over the last few years, in Electric Vehicle (EV) startups have seen an upward revision in their valuations. Sales grew by 25 percent quarter on quarter. CEO of Ather Energy, Tarun Mehta said that the new round of investment will allow the company to focus on new platforms and expanding into new geographies while expanding its fast-charging network. In revamped SEZs, govt plans to levy 15% corporation tax. Fundamental, Stock Ideas, Multibaggers & Insights, Stock & Index F&O Trading Calls & Market Analysis, Commodity Trading Calls & Market Analysis, Currency Derivatives Trading Calls & Insights, Options Trading Advice and Market Analysis, Model portfolios, Investment Ideas, Guru Screens and Much More, Proprietary system driven Rule Based Trading calls, Curated markets data, exclusive trading recommendations, Independent equity analysis & actionable investment ideas, Details stock report and investment recommendation. This capacity needs to go upto 1 lakh a month", Mehta told Mint. Editing by Mark Potter, Singapore Exchange, NYSE join hands for company dual listings, ETFs, Analysis: R.I.P. SPDZIELNIA RZEMIELNICZA ROBT BUDOWLANYCH I INSTALACYJNYCH Men det er ikke s lett, fordi Viagra for kvinner fs kjpt p nett i Norge selges eller i komplekse behandling av seksuelle lidelser eller bare bestille den valgte medisiner over telefon. Choose your reason below and click on the Report button. Bahraini AFS (Arab Financial Services) expands new digital payments solutions into Egypt in 2022, New Ed-tech learning platform Geekster raises USD1.30 million in pre-series A round, New Henley Passport Index ranks UAE passport among worlds most powerful; occupies 15th spot, Saudi TDF rolls out new USD 400 million hospitality fund with Ennismore, Chinas massive mortgage boycott by homebuyers affects over 200 projects, QIIB Best Credit Card Offerings in Qatar. He also added that the electric two-wheeler industry is expected to grow significantly in the coming years. It also planned to invest in D2C startup FirstCry but later pulled out of the deal. Get notified about new articles, delivered right into your email inbox. Interestingly, despite this being the startups Series E round, Athers valuation is yet to cross $1 Bn to mark its entry into the unicorn club. "I believe there is a lot more value in the company. This is a profile preview from the PitchBook Platform. Hero MotoCorp has invested $56 million or roughly 420 crore in this round, with the rest of the investment primarily coming from NIIF. From a mere Rs 35 crore in 2017 when TVS made its maiden stake-buy in Ultraviolette, the startups valuation has increased to a whopping Rs 805 crore as of September first week when TVS increased its stake to 29.48 percent, with an infusion of Rs 30 crore. Copyright 2022 Bennett, Coleman & Co. Ltd. All rights reserved. See here for a complete list of exchanges and delays. His longer term vision is to invest in businesses that help increase the use of clean energy. Bajaj Auto bought a 16.67 percent stake (as per Entrackr) for Rs 55 crore in Yulu in November 2019. valuing the company at Rs 330 crore. On November 14, 2019, Ampere Vehicles was acquired by Greaves Cotton, terms of the agreement were not disclosed. The new age digital currency to diversify a portfolio. Mehta added that the NIIF investment is a major shot in the arm for the company, as the sovereign's fund's maiden investment into new-age manufacturing. A significant part of the investment Ather has raised will be utilized towards capacity building at the supply-chain level. Mehta expects to expand production to 20,000 scooters a month in 2022, helped by a surge in demand from smaller cities. The dip in valuation is beyond comprehension, especially when seen against the fact that Ather is the only EV startup to have a product in the market. It'll just take a moment. It had previously invested in infrastructure financing non-banking financial companies (NBFCs) Aseem Infrastructure Finance and NIIF IFL and healthcare chain giant Manipal Hospitals. However, even after this latest fundraise round, Ather Energy's valuation is still shy of $1 billion. Ather, on the other hand, has been working on electric scooters for nearly 8 years, and while progress has been slow, has managed to put several thousand vehicles on the road. Even in a cycle where theres a bit less optimism macro-economically, companies continue to invest in technology, said CEO and MD Thierry Delaporte. (C) OfficeChai 2020. PitchBooks non-financial metrics help you gauge a companys traction and growth using web presence and social reach. Your email address will not be published. The startup also has over 250 designs, trademarks and patents to its name across 20+ countries. Tarun Mehta, CEO, Ather Energy, said this investment will help the company focus on new platforms by expanding into new geographies and increasing its fast-charging network. Oops! PLAN, Yearly 15 The current funding comes six months after the electric auto company had raised $17.3 million as conventional debt from Hero MotoCorp in October 2021. To read full story, subscribe to ET Prime, Billed annually at Autocars test scooters motor even died during the test, and had to be stopped and restarted. or medium without express writtern permission of moneycontrol.com is prohibited. Ather Energy is currently valued at $187 million (Rs. You are now subscribed to our newsletters. RYNO Motors has designed a multiple use, self-balancing, one wheel, electric scooter that's adaptable to wide range of uses including urban individuals, government, and industrial customers. We will need to raise more capital and I see a capital raise once again in the next two years. It manages funds with investments in different asset classes and diversified sectors. Developed by hedge funds, global asset management companies, experienced wealth management firms and portfolio managers. It has a retail sales network across the country with a presence in 32 cities. PLAN. Heros previous investment of INR 420 Cr in Ather Energy is a part of the deal, the startup told Inc42. The CB Insights tech market intelligence platform analyzes millions of data points on vendors, products, partnerships, and patents to help your team find their next technology solution. Ather Energy plans to use these funds to expand manufacturing facilities, invest in research and development and charging infrastructure, and grow its retail network. Visit this section to access live price and charts. 2022 PitchBook. investment of Rs 420 crore (about $54 million) in Ather in January. All Rights Reserved 2020 | The Global Economics, Business Finance Publication - www.theglobaleconomics.uk . Days Trial. Celem naszej Spdzielni jest pomoc organizacyjna , SPDZIELNIA RZEMIELNICZA ROBT BUDOWLANYCH I INSTALACYJNYCH Men det er ikke s lett, fordi Viagra for kvinner fs kjpt p nett i Norge selges eller i komplekse behandling av seksuelle lidelser eller bare bestille den valgte medisiner over telefon. The profile-funding bubble could burst soon. site you are consenting to these choices. Padmanabh Sinha, executive director & chief investment officer, NIIFL, said the electric two-wheeler industry is expected to grow significantly in the coming years. The two models are expected to reach the market by the end of 2022 or beginning of 2023. For NIIFL, a government sovereign fund, this is the first direct investment in the manufacturing sector and electric mobility. While Mehta hinted that Ather could soon raise a round that would peg its valuation closer to that of Ola Electrics, his comment on the market being stupid possibly also indicated that Olas $5 billion valuation wasnt entirely rational. The initial buzz has worked Ola had received over 1 lakh bookings within the first 24 hours of launch, and just last month, Ola had raised $200 million at a valuation of $5 billion.