Electric scooter manufacturer Ather Energy reported a wider loss for the fiscal year 2021-2022 as expenses exceeded revenue growth. The company's loss for the year was Rs 344.1 crore, compared to Rs 233.3 crore in the previous year.
Despite supply constraints, Ather saw a significant increase in sales but could only fulfill 50 per cent of the total orders received. To cut costs and expand more quickly, Ather has shifted from directly owning its experience centers to a dealership model.
Ather expects some challenges in the supply of battery cells and chips for the coming year. Their rival, Ola Electric, also posted a wider loss for the year. Ather recently announced a Rs 900 crore fundraise via a rights issue from existing shareholders.