Bengaluru-based Ather Energy is charging into the public market with an INR 29.81 billion initial public offering (IPO), marking a pivotal moment in the evolution of India’s electric mobility space. The IPO, which opens for public bidding on April 28 and closes on April 30, reflects growing confidence in India’s electric vehicle (EV) market, even as global trade dynamics remain uncertain.
Priced between INR 304 and INR 321 per equity share, Ather’s offering consists of a fresh issue worth INR 26.26 billion and an Offer for Sale (OFS) of approximately INR 3.55 billion. Early stakeholders offloading shares include co-founders Tarun Mehta and Swapnil Jain, as well as prominent institutional investors such as Caladium Investment, National Investment and Infrastructure Fund II and Hero MotoCorp-backed venture arms.

A Strategic Leap 
Founded in 2013, Ather Energy has built a reputation for innovation and quality in the Indian two-wheeler segment. Best known for its flagship 450X electric scooter and the recently launched family-oriented Rizta, Ather has maintained a premium positioning in a price-sensitive market, a feat achieved through a blend of robust design, cutting-edge tech and consistent consumer engagement.
Now, as the company seeks to raise capital for the next leg of its journey, the strategic intent behind the IPO is clear. Proceeds from the fresh issue will be used to ramp up manufacturing capacity, enhance the product portfolio, pare down debt and invest in corporate infrastructure. This expansion is crucial for Ather to retain its competitive edge against deep-pocketed rivals, including legacy automakers and well-funded start-ups.

Driving Growth
At a recent press conference, Chief Executive Officer Tarun Mehta struck an optimistic note on the state of India’s EV ecosystem. “While the entire tariff situation is open, in our opinion, the Indian consumer story, specifically the EV adoption story, remains unchallenged because it’s driven by very secular truths,” he said.
Mehta highlighted three primary factors underpinning the surge in electric two-wheeler adoption including a significantly lower total cost of ownership, greater ease of use and long-term structural shifts favouring clean mobility. These drivers provide insulation against short-term geopolitical disruptions and policy volatility.
That confidence appears to be resonating with both retail and institutional investors with many market watchers calling the IPO a barometer of the Indian EV market’s maturity.

IPO Mechanics and Market Positioning
The offering is being made under Regulation 6(2) of the SEBI ICDR Regulations via a 100 percent book-building process with shares set to list on both the BSE and the NSE. Anchor investor bidding opens on April 25, ahead of the general subscription window.
 

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Mumbai-based automotive company Mahindra & Mahindra has expanded its SUV portfolio with the launch of the XUV 3XO EV, starting at INR 1.38 million (ex-showroom).

The electric vehicle follows the release of the internal combustion XUV 3XO in April 2024, which has recorded sales of 180,000 units. The EV model is positioned for urban commutes, offering a range of technology and safety features.

The XUV 3XO EV is powered by a motor delivering 110 kW of power and 310 Nm of torque, enabling a claimed acceleration from zero to 100 kmph in 8.3 seconds. The vehicle includes drive modes labelled Fun, Fast and Fearless. The interior is equipped with a panoramic sunroof, dual-zone air conditioning and a twin HD infotainment system featuring a 7-speaker Harman Kardon audio setup.

Safety specifications include 35 standard features, such as six airbags, four-disc brakes and a tyre pressure monitoring system. The SUV also incorporates Level 2 ADAS, providing adaptive cruise control, forward collision warning and autonomous emergency braking. A 360-degree surround-view system and electronic parking brake with auto-hold are also part of the equipment list.

Nalinikanth Gollagunta, Chief Executive Officer - Automotive Division, Mahindra & Mahindra, said, “The XUV 3XO rewrote the rules by bringing aspiration and accessibility together at scale. With the XUV 3XO EV, we are extending that winning proposition into electric mobility for customers who want an EV that simply fits their lives — day after day. The XUV 3XO EV has been engineered around real usage patterns, ensuring that it meets everyday mobility needs reliably. It combines instant electric performance with a package that is tuned for confidence and ease in city driving.”

The vehicle supports Adrenox connectivity with over 80 features, including remote vehicle control, status monitoring, and smartwatch integration. The XUV 3XO EV is available in two variants, with the AX5 priced at INR 1.38 million and the AX7L at INR 1.49 million.

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V-Green and Hindustan Petroleum Corporation (HPCL) have signed a strategic agreement to develop electric vehicle (EV) charging stations at HPCL retail outlets. The partnership aims to utilise HPCL’s fuel station network to increase the availability of charging points for EV users in India.

HPCL currently operates more than 24,400 retail outlets across the country and has established over 5,300 charging stations under the HP e-Charge brand. The collaboration will allow V-Green to deploy infrastructure within this existing footprint to support nationwide expansion.

V-Green was founded by VinFast's Pham Nhat Vuong and focuses on the development of charging systems to support vehicle expansion. In Vietnam, the firm operates approximately 150,000 charging ports. The agreement in India is intended to build a foundation for a broader EV ecosystem that includes:

• Manufacturing and Infrastructure: Setting up charging points at high-traffic locations.
• Service and Support: Integrating aftersales services and battery recycling.
• Market Entry: Supporting the long-term presence of the VinFast and HP e-Charge brands in the Indian market.

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Chartered Speed has deployed 11 electric buses for staff transportation for DCM Shriram at Jhagadia GIDC, Bharuch. The service was inaugurated by Sanyam Gandhi, Whole-time Director at Chartered Speed and Aditya Shriram, Deputy Managing Director at DCM Shriram.

The deployment is part of an effort to shift employee mobility towards electrification. Chartered Speed operates a fleet of over 2,000 buses across six states, serving 350,000 passengers daily.

The electric buses are equipped with several technologies for fleet management and passenger safety. It comes with real-time GPS tracking and onboard Driver Monitoring Systems (DMS). CCTV cameras, fire protection systems and first-aid kits are installed in every vehicle.

The company currently provides school and staff transportation services to various clients, including GHCL Limited and Apple Global School.

Sanyam Gandhi, Whole-time Director, Chartered Speed, said, “With the recent deployment of electric buses, we are strengthening our commitment to reducing the carbon footprint of our operations and supporting the transition to greener transportation solutions. Our vision is of building a large, clean energy-powered fleet that aligns with global trends towards electrification in public transport. We remain focused on integrating technology in our services not only enhances operational efficiency but also fosters a culture of safety that we believe is essential for the future of transportation.”

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Tata Motors, one of the leading passenger vehicle manufacturers in the country, has attained a new milestone in the Indian electric vehicle (EV) market, with cumulative sales of its TATA.ev range exceeding 250,000 units.

Since the launch of the Nexon.ev in 2020, the company has secured a 66 percent market share of all electric passenger vehicles sold in India to date. The Nexon.ev has become the first electric model in the country to surpass 100,000 cumulative sales.

At present, the company’s green vehicle offering includes the Tiago.ev, Punch.ev, Nexon.ev, Curvv.ev and Harrier.ev for personal use, alongside the XPRES-T EV for fleet operations.

To support its EV customers, Tata Motors has established an ecosystem, which includes access to over 200,000 charging points, including home, community and public chargers. A digital platform providing coverage for over 20,000 public chargers. Around 100 mega charging hubs operational across key corridors, offering speeds of more than 120kW. Approximately 1,500 dedicated EV service bays nationwide, staffed by over 5,000 technicians.

The automaker stated that every TATA.ev vehicle is manufactured with more than 50 percent local content. In collaboration with other Tata Group companies, the firm has localised the production of battery packs and battery management systems. The supply chain also includes domestic production of power electronics, wiring harnesses and thermal management systems.

Going forward, Tata Motors has outlined a robust growth strategy through to 2030:

• Upcoming Launches: The Sierra.ev and a new Punch.ev are scheduled for release in CY26, followed by the Avinya luxury range at the end of 2026.
• Portfolio Growth: Five new nameplates are planned by FY2030.
• Infrastructure Targets: The company aims for 400,000 charge points by CY2027 and 1 million by 2030.
• Battery Sourcing: Future models will use battery cells produced at the Agratas gigafactory in Sanand.

Shailesh Chandra, MD & CEO, Tata Motors Passenger Vehicles, said, “Crossing 250,000 EV sales reflects how electric mobility is fast becoming part of everyday Indian life. Our customers are driving more, travelling farther, and increasingly trusting EVs as their only cars. Our EV journey which began in 2018, was never about leading alone but about building the ecosystem to enable India’s transition to clean mobility. This progress is the outcome of the government’s forward-thinking policies, the steadfast support of our supplier partners and charging infrastructure providers and above all, the trust and enthusiasm of TATA.ev customers. As EV adoption accelerates, our commitment remains clear: to mainstream electric mobility by making it accessible across segments, strengthening the ecosystem, and investing in India-first technology and localization. This is how we will continue to lead India’s growing EV market.”

The company also intends to focus on the circular economy by reusing batteries for energy storage and providing battery health checks for second-hand owners.

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