Bengaluru-based Ather Energy raised Rs 60 crore in debt funding from InnoVen Capital India Fund through its trustee, Vistra ITCL, the company said in a filing with the Ministry of Corporate Affairs.
The electric vehicle company will allot 6,000 Series D1 unlisted, secured, redeemable, non-convertible debentures having a face value of Rs 1 lakh in a private placement.
Ather aims to file for its initial public offering (IPO) and has converted from a private company to a public limited company in June this year.
Hero MotoCorp, a key investor in the company, increased its stake in the startup in June by purchasing an additional 2.2% stake for Rs 124 crore.
The two-wheeler manufacturer had also raised Rs 286 crore via debt and equity from venture debt firm Stride Ventures and its founders. Tiger Global and GIC Singapore also back the two-wheeler manufacturer.
YourStory had exclusively reported in April that the company was looking to raise $95 million before its IPO.
Ola Electric, which manufactures electric two-wheelers and competes with Ather Energy, will launch its IPO subscription on August 2.
According to data website Tracxn, Ather reported a revenue of Rs 1,806 crore in FY22-23, up from Rs 413.9 crore in the previous year.
Its losses for the same period widened to Rs 864.5 crore compared to Rs 344.1 crore in 2021-22.
