Of All The EV Startups, Why Is Ather Energy’s Valuation Down?

The dip in valuation is beyond comprehension, especially when seen against the fact that Ather is the only EV startup to have a product in the market. From a mere Rs 35 crore in 2017 when TVS made its maiden stake-buy in Ultraviolette, the startup’s valuation has increased to a whopping Rs 805 crore as of September first week when TVS increased its stake to 29.48 percent, with an infusion of Rs 30 crore. Incorporated in 2015, Pune-based startup Tork Motors is yet to launch its first all-electric product but the valuation of the Bharat Forge-backed company is at Rs 113 crore. The Series A2 fundraising done a few months ago saw Yulu’s valuation increase to Rs 585 crore after venture capital fund Rocketship. Engine manufacturer Greaves Cotton acquired a 67 percent stake in the 10 year-old, Ratan Tata-backed start-up Ampere Vehicles in 2018 for Rs 77 crore, thereby giving it a valuation of Rs 115 crore. After having bought the remaining stake, Ampere’s valuation shot up to Rs 325 crore in less than 18 months. This transaction gave Ather a valuation of little under Rs 2,550 crore.