E-scooter maker Ather Energy tests IPO waters
Ather is one of India’s leading electric two-wheeler companies, founded by Tarun Mehta and Swapnil Jain in 2013
Bengaluru-based electric 2-wheeler maker Ather Energy has initiated discussions with investment banks, exploring the possibilities of going public in the near future, said two people aware of the development, speaking on the condition of anonymity.
Ather is one of India's leading electric two-wheeler companies, founded by Tarun Mehta and Swapnil Jain in 2013.
Last month Ather raised $128 million in its Series E round of funding from National Investment and Infrastructure Fund Ltd's Strategic Opportunities Fund and Hero MotoCorp, which is a significant shareholder of Ather, valuing the company a little shy of $1 billion.
The company said that it will use the funding to expand manufacturing facilities, invest in research and development, charging infrastructure and to grow its retail network.
The electric 2-wheeler market is growing and evolving very fast with several competitors such as Ather, Ola Electric, Bajaj Auto, Revolt Motor, Hero Electric, TVS Motor, Okinawa and Ampere, besides several other small players. India's largest 2-wheeler maker Hero MotoCorp also plans to enter the space later this yea