Ather enters unicorn lane with $71 million from
govt’s NIIF
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Ather Energy, an electric scooter manufacturer, has secured a significant investment of $71 million from the National Investment and Infrastructure Fund (NIIF), a government-backed sovereign wealth fund. This funding has propelled Ather into the coveted unicorn status, with a valuation of $1.3 billion.
The company is now the fourth unicorn of 2023 in India and the second in the mobility sector. Ather’s latest funding round comes at a time when its rival Ola Electric has seen its stock surge, reflecting investor optimism about the electric vehicle (EV) industry’s growth potential. Despite the competitive landscape, Ather is strategically expanding its market share with new product offerings, such as the Rizta scooter, and enhancing its manufacturing capabilities.
The company has also expressed plans to go public in the near future, following its conversion into a public limited company. Ather’s financials show a widening loss, but it remains focused on growth and innovation in the EV space.