Ather Energy, the electric vehicle (EV) company supported by Hero MotoCorp, witnessed a substantial surge in losses during the fiscal year 2022-23, marking a more than 2.5-fold increase.

According to its annual financial reports submitted to the Registrar of Companies (RoC), the EV startup incurred a loss of INR 864.5 crore in FY23, a stark contrast to the INR 344.1 crore loss reported in FY22.

Despite robust sales figures, Ather's total expenditures ballooned to INR 2,670.6 crore, tripling from the INR 757.9 crore recorded in FY22.

Interestingly, this surge in losses occurred despite the company's revenue from operations growing by a substantial 4.3 times, reaching INR 1,784 crore by the conclusion of the fiscal year ending in March 2023.

Remarkably, in FY23, it took INR 1.5 in expenses to generate every INR 1 in revenue from operations for Ather, with the EBITDA margin showing slight improvement at -38.3%, as per reports.

Earlier this month, the electric vehicle company successfully secured INR 900 crore in funding from its existing shareholders, Hero MotoCorp and the global investment firm GIC, through a rights issue.

Ather Energy has outlined its intentions to employ these funds for both launching new products and expanding its charging infrastructure and retail network.

Tarun Mehta, the CEO and Co-founder of Ather Energy, expressed his thoughts on the development, stating, "The past few years have vividly showcased the rapid evolution towards electric vehicles in India, particularly led by the two-wheeler segment. This funding round will empower us to diversify our product range while expanding our market presence."

Presently, Ather Energy boasts an extensive network of over 200 retail touchpoints spanning across more than 100 cities, along with a public fast-charging network dedicated to electric two-wheelers, featuring over 1,500 Ather Grids.

Ather has recently broadened its product lineup by introducing 2.9 kWh and 3.7 kWh battery options for its flagship model, the 450X, as well as a more entry-level offering, the 450S, aiming to cater to a wider segment of the two-wheeler market.

Founded in 2013 by alumni of IIT Madras, Tarun Mehta and Swapnil Jain, Ather Energy enjoys support from influential backers such as Hero MotoCorp, GIC, NIIF, Sachin Bansal, and Tiger Global.

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