The Electric Vehicles (EVs) manufacturer, Ather Energy became the second privately held startup valued at over USD 1 billion in the transportation field this year after the transportation network company Rapido achieved the same status last month.

The manufacturer of electric-powered two-wheelers, Ather Energy, has reached a valuation of over USD 1 billion after securing a funding of Rs 600 crore (USD 71 million) from its existing investor, the National Investment Infrastructure Fund (NIIF), in a recent funding round, as disclosed by two sources to YourStory.

This development occurred shortly after its major competitor, Ola Electric, successfully entered India’s stock market. Following the funding round, Ather Energy is now valued at approximately Rs 10,900 crore (USD 1.3 billion).

According to Tracxn, a query sent to NIIF, the sovereign wealth fund that initially invested in Ather in 2022, did not receive an immediate response.

The company achieved a valuation of over USD 1 billion amid considerable activity in the Indian transportation sector, following the accomplishment of making it to the billion-dollar club by Rapido, a ride-hailing platform based in Hyderabad, and the well-received public listing of Ola Electric, led by Bhavish Aggarwal, on Indian stock exchanges. 

In July, Ather secured Rs 60 crore in debt funding from InnoVen Capital India Fund. The company plans to initiate its initial public offering (IPO) process and transition from a privately owned entity to a publicly traded corporation in June this year. 

It has reportedly engaged HSBC Holdings, Nomura Holdings, and JPMorgan Chase & Co. to assist with the IPO.

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