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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Bengaluru-based electric vehicle maker Ather Energy has launched Konarc e-scooter line built on its EL platform, unveiled during the fourth edition of Ather Community Day 2026. The e-scooter will be available in six variants split between the S and Z product lines.

The Konarc lineup features Indian Driving Cycle range options spanning 100 km, 125 km, 161 km and 200 km across its S line variants, while the Z line includes 125 km and 161 km configurations.

Pricing for the model begins at INR 99,999 for the Konarc S 100 km variant, INR 121,999 for the Konarc S 125 km, and INR 144,999 for the Konarc S 161 km, effective ex-showroom Bengaluru. Bookings and phased deliveries for select variants begin in mid-September 2026.

The EV utilises a steel unibody chassis, metal rear side panels, a sequential gear-drive transmission, a 14-inch front alloy wheel, a 12-inch rear alloy wheel and a 1,352 mm wheelbase.

Tarun Mehta, Co-Founder and Chief Executive Officer, Ather Energy, said, “Konarc has been designed to make EVs mainstream in India. We have understood the needs of the vast majority of buyers who are still waiting to go electric and have engineered Konarc for them. Be it the metal panels, 200 km range, once-a-year service interval, fast home charging, or the plush and comfortable ride, we have pushed the envelope on every fundamental that matters to this buyer, without compromising on the premium experience and advanced technology that Ather is known for. Konarc has also been designed to scale, and with the vertical integration and manufacturing capacity we are building at AURIC, we can take the Ather experience to many more riders and markets across India.”

Just like its other product line, Ather Energy has ensured Konarc remains a power packed product in terms of both software and hardware features. It gets Advanced Electronic Braking System, which dynamically regulates braking force modulation between front and rear wheels via software. Additional functionalities comprise MagicKey keyless operation with proximity unlocking, AutoPop automated under-seat storage opening and AirWalk motor-assisted manual pushing.

Swapnil Jain, Co-Founder and Chief Technical Officer, Ather Energy, said, “Ather has spent over a decade building its technology and engineering capabilities. We started working on software-led braking, fast charging and connected scooter experiences well before they became expected in the market. That head start matters because it gives us the experience to integrate these technologies deeply into the vehicle and bring the engineering depth we have built over the years to a much larger set of riders. AeBS™, MagicKey, AutoPop and AirWalk are examples of that approach, each designed to make everyday riding more effortless.”

The vehicle carries an integrated onboard charger, with an optional 450W offboard unit enabling combined 900W charging. Ather has set the service interval at 10,000 km or one year, alongside introducing a 10-year or 100,000 km warranty for its fifth-generation Bedrock battery pack, guaranteeing a minimum 70 percent battery state of health.

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Bengaluru-based electric vehicle maker Ola Electric has launched the S1Z e-scooter line, introducing the company's indigenously developed 46 series Bharat Cell lithium iron phosphate (LFP) technology to the vehicle market.

The battery cells are developed at Ola’s Battery Innovation Centre and manufactured at the Ola Gigafactory.

The e-scooter is offered in two battery capacity options: a 3.1 kWh variant priced at an introductory INR 79,999 and a 5.1 kWh variant listed at INR 99,999 ex-showroom. The 3.1 kWh model has a claimed certified range of up to 179 kilometres, while the 5.1 kWh configuration provides up to 301 kilometres.

The S1Z runs on 12-inch wheels, operates on the MoveOS 5 software platform and includes features such as cruise control, regenerative braking, reverse mode, GPS tracking and over-the-air (OTA) updates.

It will also serve as the initial vehicle line distributed through Ola Electric's newly established dealer-operated store network alongside its direct-to-consumer locations. Deliveries for the 3.1 kWh model will begin in December 2026, followed by the 5.1 kWh model in March 2027.

Bhavish Aggarwal, Chairman and Managing Director, Ola Electric, said, "The true measure of innovation of our indigenous Bharat Cell LFP technology is how quickly it reaches everyday Indians. The S1Z delivers on that promise. It is the first scooter range to bring our made-in-India LFP technology to the heart of the market, where millions of customers make their mobility decisions. We believe affordability shouldn’t mean settling for less. As we continue building India's EV ecosystem from cell to vehicle, products like the S1Z will play a critical role in taking our mission of bringing EVs to every Indian household."

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Mumbai-headquartered automotive major Mahindra & Mahindra has expanded its Battery-as-a-Service (BaaS) programme across its complete Electric Origin SUV range, making the scheme available on the BE 6 Sporteq, XEV 9S and XEV 9e models.

The BaaS model was first introduced with the BE 6 SPORTEQ, which separates vehicle and battery financing through a dual-loan arrangement. Under the scheme, customers acquire the electric vehicle and finance the battery unit separately, lowering the upfront purchase price.

For the BE 6 Sporteq BaaS model, the pricing starts at INR 1.14 million, with battery financing calculated at an effective usage cost of INR 3.75 per kilometre based on daily mileage assumptions. Following the initial response, Mahindra extended the service across all trim levels of the BE 6 Sporteq while adding the program to its higher-tier SUV models.

Under the expanded scheme, entry pricing for the XEV 9S stands at INR 1.26 million, while the XEV 9e starts at INR 1.39 million. Both EVs share the battery financing rate of INR 3.75 rupees per kilometre.

The dual-loan financing product is provided through third-party financial institutions for personal vehicle registrations. The structure requires a battery loan EMI with total figures varying according to battery capacity, down payment, loan tenure and local taxes.

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New Delhi-based electric commercial vehicle manufacturer Omega Seiki Mobility has raised an additional INR 500 million in funding co-led by Abhishek Misra of SKG Asset Management and SKG Fund, alongside Unistone Capital, Sanjeev Agarwal Family Office and Brijesh Parekh Family Office.

The capital expansion follows a separate INR 500 million fundraise earlier in the month from Securocorp Securities, Sangeeta Pareekh, Saket Aggarwal Family Office and Vanshika Sharma.

Omega Seiki Mobility aims to utilise the capital towards increasing manufacturing capacity, research and development, dealer network expansion and the release of new vehicle models.

Uday Narang, Founder and Chairman, Omega Seiki Mobility, said, “This fundraise marks a significant milestone for Omega Seiki Mobility as we move into the next phase of our growth journey. The confidence shown by our investors strongly validates our vision, execution capabilities, and long-term strategy. Over the past eight years, we have built the company on a foundation of manufacturing excellence, innovation, and financial discipline. We remain focused on building scalable electric mobility solutions that create long-term value for our customers, partners, and investors.”

Omega Seiki Mobility plans to expand its operational footprint from 150 current touchpoints in India to 250 locations by FY2028, while evaluating international expansion into markets including Africa.

The expansion strategy involves broadening its vehicle portfolio beyond cargo three-wheelers into passenger mobility, electric two-wheelers and light commercial vehicles as it evaluates options for an initial public offering.

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