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Bengaluru-based two-wheeler electric vehicle (EV) manufacturer Ather Energy’s net loss jumped to ₹1,059.7 crore in FY24 from ₹864.5 crore in FY23, per the annual report of Hero MotoCorp.
The revenue from operations rose to ₹1,789.10 crore during the year under review from ₹1,783.60 crore in FY23.
Ather Energy is yet to file its financial statements for FY25 with the Ministry of Corporate Affairs.
Meanwhile, Hero MotoCorp continues to increase its stake in Ather Energy. In June, Hero MotoCorp announced an additional 2.2 per cent stake acquisition in Ather for ₹124 crore. Hero MotoCorp owns 40.89 per cent in Ather Energy on a fully-diluted basis.
Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather Energy currently offers two e-scooters – Ather 450X and Ather 450S.
The start-up 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.
Charging infra
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. It competes with the likes of Ola Electric, TVS Motor, Bajaj and Hero MotorCorp’s Vida.
Recently, the Bengaluru-based company introduced its first family scooter Rizta. After foraying into the family scooter segment, the company is hopeful of increasing its market share. The addressable family scooter market is around 84 per cent of the overall market.
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