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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Capital expenditure
Capital expenditure towards establishing a new electric two-wheeler manufacturing facility in Maharashtra.
Repayment of borrowings
Repayment or prepayment, in full or in part, of certain outstanding borrowings.
Research and development
Investment in research and development.
Marketing initiatives
Expenditure on marketing initiatives.
General corporate purposes
Balance net proceeds for general corporate purposes.
(₹ in Crore)
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Ather Energy Limited, founded in 2013, is an Indian electric two-wheeler company that designs, develops and assembles electric scooters, battery packs, charging infrastructure and associated software largely in-house. The company operates as a vertically integrated manufacturer, running its own R&D, manufacturing and a proprietary fast-charging network branded Ather Grid, along with a network of experience and service centers across India and a small presence in Nepal and Sri Lanka. The company positions its scooters at a premium price point built around performance, technology features such as touchscreen dashboards, and build quality, and its manufacturing base is centered in Hosur, Tamil Nadu. Ather has expanded its production volumes significantly over the past few years and is working to diversify its product range beyond its flagship scooter line, including a move into electric motorcycles. Like much of the electric two-wheeler industry at this stage, Ather has reported sustained losses since incorporation as it invests in capacity, research and market expansion, and its business remains dependent on continued growth in India's electric two-wheeler adoption. Its promoter group includes co-founders Tarun Mehta and Swapnil Jain alongside Hero MotoCorp, which has been a long-standing strategic investor in the company.
Ather Energy raised about Rs 1,340 crore from anchor investors at the IPO cap price of Rs 321 per share, representing 60 percent of the QIB portion of the issue.
Source: RHP • Analysis provided for informational purposes
Last Updated: 14 July 2026, 5:30 AM
Premium technology positioning
The company's in-house R&D delivers distinctive features such as touchscreen dashboards, supporting a premium price point versus competitors.
Vertically integrated manufacturing
Ather designs and assembles its own scooters, battery packs and charging infrastructure, giving it tighter control over quality and product development.
Proprietary charging network
The company operates its own fast-charging network, a differentiator few competitors can match at scale.
Expanding product range
The company is diversifying beyond its flagship scooter line, including a move into electric motorcycles, to broaden its addressable market.
Experienced, long-term-focused management
The founding team and strategic investors have a track record of building the company since 2013 with a long-term orientation.
Sustained operating losses
The company has reported negative cash flows and losses since incorporation, with no guarantee of near-term profitability.
Narrow product concentration
The business remains heavily reliant on a small number of scooter models, limiting diversification.
Supplier dependence for key components
Aside from batteries, the company depends on external suppliers for other critical EV components, creating supply chain risk.
Ather Energy Limited
3rd Floor, Tower D, IBC Knowledge Park, #4/1 Bannerghatta Main Road, Bangalore 560029, Karnataka, India
View on Maps →MUFG Intime India Private Limited
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Key management dependence
The business is closely tied to its founding management team, and any departures could affect strategic continuity.
High leverage relative to a small equity base
The company carries meaningful borrowings against a thin net worth base, a structural risk typical of early-stage EV manufacturers.