The electric scooter maker, backed by Hero MotoCorp Ltd, had recorded an operating revenue of Rs 408 crore on loss of Rs 344 crore in FY22.
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Ather’s weak performance last fiscal was driven by a more than threefold increase in total expenses to about Rs 2,671 crore, according to data sourced from business intelligence platform Tofler.
The company’s primary source of income is from electric scooter sales, which totalled Rs 1,643 crore in FY23. The rest of the revenue mainly came from services, including subscription services.
According to Reuters, Ather’s rival Ola Electric incurred an operating loss of $136 million on a revenue of $335 million in the financial year 2023. Ola Electric is yet to officially publish its financials.
Also read | Ather raises Rs 900 crore from Hero MotoCorp, Singapore’s GIC
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In August, Ather sold 6,835 units, compared to the 17,389 units sold by Ola Electric, which is now the biggest electric scooter seller in India, according to Vahan, the government’s portal for automobile registration. The same month, Ather introduced three new electric scooter models: the Ather 450S, the Ather 450X Gen 3.1, and the Ather 450X Plus.Ather said it sold 92,005 electric scooters in FY23, a nearly fourfold increase from the 23,441 units sold in the previous year.
On September 18, ET reported that Nikhil Kamath, co-founder of Zerodha, India’s largest stock brokerage firm, is set to make a new investment in Ather Energy. On September 6, Ather disclosed that it had raised Rs 900 crore (around $108 million) through a rights issue, with investments coming from Hero MotoCorp and Singapore’s sovereign wealth fund GIC.
Earlier this year, the company was reportedly set to raise about $250 million at a valuation of $1.3 billion, but had to defer the plan amid a broader tech funding winter and a hit to sales after the rollback of the government’s Faster Adoption of Manufacturing of Electric Vehicles (FAME-II) subsidies in June.
