Ather Energy is ready to be quoted in the Indian Stock Exchange. Founded in 2013, after raising over $450 million to sustain the start up, the company is very near to the IPO, crucial to source new investments and expansion in the EV motorcycles and in the international market.
Ather is the oldest E2W start-up in the Indian market. Founded in 2013, it launched its first scooters in 2016 and is now a key EV player, ranked fourth in the Indian market in terms of sales volume after Ola Electric, Bajaj and TVS, and 10th in the EVs global ranking, which is dominated by Chinese OEMs.
Currently, the company has one manufacturing facility in Hosur (Tamil Nadu) that has an installed capacity to produce 420.000 units per year and sales, totally made in India, achieved a 2024 record of 131.321, with still wide uncovered capacity.
Ather currently offers two electric scooter models – Ather 450 and Ather Rizta 229 with a total of seven variants on a single platform. It is now developing a motorcycle platform named “Zenith” and a new scooter platform named “EL.”
The Zenith platform is being designed to support new electric two-wheelers targeting the 125-300cc motorcycle segments.
The automaker will manufacture models based on the new platforms at its upcoming facility in Aurangabad (Maharashtra). The production at the facility will start in a phased manner from May 2026.
The Second Indian EV IPO is coming
Ather Energy raised $450.5M million in funding over 10 rounds. Their latest funding was raised on Sep 4, 2023. Key investors include HeroMotoCorp, Caladium Investments, NIIF, Tiger Global Management, GIC, and InnoVen Capital.
In September 2024, the company recently filed a Draft Red Herring Prospectus (DRHP) with the Securities Exchange Board of India (SEBI) as a first step towards a public listing. The DRHP was recently approved, meaning Ather will be listed before the end of the current Indian fiscal year.
Crisil Who?
Ather supported the IPO request publishing a deep study about the Indian 2W market produced by CRISIL, a consulting company owned by S&P Global.
It is really surprising as these “experts” have written a forecast for Indian 2W market in 2031 FY, with sales at 31 million (in 2024 CY have been 20.5 million), with ICE declining at 17 million and EVs booming at 14 million.
