Ather Energy IPO: From startup to stock market listing
Ather Energy gave up the modest gains it made on its market debut on Tuesday. Shares of the electric scooter manufacturer were trading at Rs 307.08 on the BSE—down 5.58% from the listing price of Rs 326.05.The Tiger Global- and GIC-backed company raised Rs 2,981 crore through its initial public offering (IPO), including a fresh issue of shares worth Rs 2,626 crore. This IPO size was smaller than the Rs 3,100 crore figure originally mentioned in its draft red herring prospectus for the book-built offer.
About Ather Energy
Founded in 2013 by Tarun Mehta and Swapnil Jain, Bengaluru-based Ather Energy designs and manufactures electric scooters and related charging infrastructure. It also offers software subscription plans with various service and maintenance benefits, as well as accessories.The company caters to both B2C and B2B markets, operating at the intersection of energy tech and auto tech. Ather is concentrated mostly in South India, which accounted for 61% of its sales in the nine months to December 2025.
Funding and investors
According to Tracxn, Ather Energy has secured $502 million across 19 funding rounds since its first raise in February 2014. It became a unicorn in August 2024 following a Rs 600 crore ($71 million) investment from the National Investment and Infrastructure Fund (NIIF).
Key institutional investors include Hero MotoCorp, Tiger Global, and GIC—the latter being the company's largest backer. In total, Ather counts 15 institutional and 21 angel investors.
Ahead of its IPO in the dying days of April, Ather had raised Rs 1,340 crore from a group of anchor investors, including State Bank of India, Custody Bank of Japan, Aditya Birla Sun Life Insurance, ADIA, Invesco, ICICI Prudential, and Morgan Stanley.
Key competitors
The company faces stiff competition in the electric two-wheeler space, with Bhavish Aggarwal's Ola Electric being its primary rival.
The market leader in the electric two-wheeler space, and the first listed pure-play EV company, Ola Electric had a market share of 34.08% at the end of December 2024, compared to Ather's 10.7%. Ola Electric sold 3.08 lakh units in the first nine months of fiscal year 2025, compared to 1.08 lakh units for Ather Energy. According to Tracxn, Ola Electric has raised a total of $1 billion in funding to date.Other notable players in the market include Mumbai-based BGauss, Taiwan's Gogoro, and Motovolt, a startup headquartered in Kolkata.
Workforce
As of March, Ather Energy employed 1,630 people—marking a 11.9% increase from its headcount in March 2024. Around 46% of its workforce was dedicated to research and development (R&D), as of December 2024, Ather said in the RHP for its IPO.
Last month, ET reported that Ather Energy is set to unlock around Rs 530 crore in value for more than 1,300 employees through its employee stock option plan (Esop). The company rolled out the Esop in 2024 with a pool of almost 16.5 million shares.
Board of directors
Ather's board includes CEO and cofounder Mehta and cofounder Jain. Other key members are Pankaj Sood (head of direct investments, India & Africa at GIC), Niranjan Kumar Gupta (ex-CEO, Hero MotoCorp), and Ram Kuppuswamy (chief procurement and supply chain officer, Hero MotoCorp).
Use of IPO funds
Ather has outlined how it will use the IPO proceeds: Rs 927.2 crore will go towards establishing a new electric two-wheeler manufacturing facility in Aurangabad, Maharashtra.
Rs 40 crore is earmarked for debt repayment.
Rs 750 crore will support research and development efforts.
Rs 300 crore will be used for marketing activities. These investments are planned for the 2026–2028 financial years.
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