Mumbai, April 27: Electric-scooter maker Ather steadily reined in losses through the first nine months of 2024-25 while simultaneously pushing its sales engine to grab a 15 per cent share of the domestic e-scooter market in the March quarter, the company's red herring prospectus (RHP), filed earlier this week for a Rs 2,981-crore IPO, revealed. Unaudited interim numbers in the RHP show that the net loss fell sequentially in each of the first three quarters of FY25 with the first quarter seeing a deficit of Rs 286-crore.

Further, various initiatives helped the company pare the cash burn to Rs 182 crore in Q2 FY25, a 35 per cent drop from Q1 and a 20 per cent decline in the December quarter to Rs 110 crore, thereby bringing down the cumulative nine-month loss by 26 per cent year-on-year to Rs 578 crore, the RHP said, adding that these were driven by lower cell costs, a richer model mix and a doubling of adjusted gross margin to 19 per cent.슬롯 머신 사이트 추천Ather Energy IPO: GMP Slips to INR 3 From INR 17 Ahead of Subscription Opening of Indian EV Company.

While costs came down, volumes were seen going up. VAHAN registrations show Ather selling just over 50,000 scooters in the January-March period, enough for a 15 per cent national market share, up four percentage points from the preceding quarter.

The new family-oriented Rizta scooter accounted for more than a third of those deliveries, giving Ather a product foothold beyond its performance-centric 450 series. The company draws 68 per cent of its volumes from Karnataka, Tamil Nadu, Kerala, and Telangana, owing to a deeper charging density and brand familiarity in the region.

However, the RHP flags a deliberate pivot north-west as VAHAN records for Maharashtra indicate Ather's share crossed the 10 per cent mark in Q4, achieving "double-digit" status for the first time in India's largest EV state while market share for Gujarat soared to 25 per cent in December and averaged roughly 23-25 per cent for the full quarter, up from just 5 per cent in July 2024.

Ather product portfolio comprises variants of its 450 Series and the Ritza series. "We have had the right product for southern consumers; Rizta gives us the same resonance in the North," co-founder Tarun Mehta told reporters in Chennai last month, adding that the model's family-friendly packaging "unlocks states like Delhi and Uttar Pradesh for us."

All this came on the back of a wider network reach as Ather now claims 311 experience centres across 218 cities, up from 178 a year ago, and a fast-charging "Grid" that crosses 4,100 touch-points. At the IPO Road Show in Mumbai this week, he said, "Rizta has opened up a lot of new markets for us in India, especially in the markets where performance scooters Ather 450 don't even sell. Hence these geographies were closed to us but have now opened up because of Rista. So that gives us a lot of comfort and confidence."

Besides, the company is also building EL and Zenith platforms for potentially multiple scooter products, multiple bike products, respectively.

Management attributes three internal factors -- localisation of battery packs and power electronics to 75 per cent, a Gen-2 platform that cut scooter material costs by 12 per cent, and a switch to franchise-owned outlets that slashed retail capex -- for the financial pivot.

These steps, the RHP shows, trimmed the quarterly earnings before interest, taxes, depreciation, and amortisation (EBITDA) loss by a third between April and December 2024. The IPO will be a combination of fresh issue of equity shares worth Rs 2,626 crore, and an offer for sale (OFS) of 1.1 crore equity shares by promoters and other shareholders.슬롯 머신 사이트 추천Ather Energy IPO: Industry Experts Concerns Rise Over Losses and Slow Revenue Growth Ahead of April 28 Launch.

Ather plans to use the IPO proceeds to build a new manufacturing facility in Maharashtra (Rs 927 crore), fund R&D (Rs 750 crore), and support marketing efforts (Rs 300 crore), besides pairing some debt. At the upper end of the price band, the IPO size is pegged at Rs 2,981 crore, placing the company's overall valuation at Rs 11,956 crore.

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