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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Montra Electric, the EV arm of the Murugappa Group, has expanded its electric small commercial vehicle (eSCV) portfolio with the launch of two new variants of the Eviator.

The company stated that by leveraging over 6.5 million kilometres of data from its existing fleet, it is shifting away from product standardisation toward a duty-cycle-led strategy, allowing fleet operators to select battery configurations based on specific operational needs.

The new line-up introduces two distinct performance profiles alongside the existing 40kWh model:

• Eviator 350 (32kWh): Dubbed the ‘Last Mile Champion,’ this variant is designed for high-efficiency urban runs of up to 140 km daily. It offers a more accessible entry price of INR 1.45 million while maintaining the brand's 99 percent uptime benchmark.
• Eviator 350L+ (50kWh): Positioned as the ‘Marathon Runner,’ this variant features a category-leading certified range of claimed over 300 km (200+ km real-world). Priced at INR 1.68 million, it is intended for inter-city logistics and power-intensive applications such as refrigerated transport and municipal services.

This expansion follows the success of the Eviator 350L, which secured a 30 percent market share in the 3.5-tonne segment within 11 months of its 2025 debut. The new variants make the Eviator the only eSCV platform in India to offer three distinct battery configurations (32kWh, 40kWh and 50kWh), enabling precise matching of vehicle energy to specific business use cases.

Jalaj Gupta, Managing Director, Montra Electric, said, “The next phase of EV adoption will not be driven by products alone, but by how intelligently they fit into real-world operations. We have leveraged over 65 lakh kilometers of fleet data to understand how different businesses use their vehicles. This has enabled us to move towards a duty-cycle-driven product strategy, delivering complete business solutions where customers can choose configurations that directly improve uptime, efficiency, and return on investment.”

Saju Nair, CEO, Montra Electric (e-SCV Division), added, “With the introduction of these new variants, we are expanding the platform to address a wider spectrum of logistics needs, from last-mile efficiency to long-haul consistency. This enables fleet operators to deploy EVs with greater precision, unlock new use cases, and improve overall fleet economics.”

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Greaves Electric Mobility, the electric vehicle business of Greaves Cotton, has introduced an updated version of its Ampere Magnus Neo electric scooter, focusing on improved ergonomics and urban rideability.

The new variant maintains its position in the affordable family scooter segment with an introductory price of INR 86,999 (ex-showroom).

The refreshed Magnus Neo features several design tweaks aimed at enhancing daily use. The e-scooter now has a reduced kerb weight of 103 kg and a low seat height of 777 mm, making it more accessible for a wider range of riders and easier to manoeuvre in heavy traffic.

To improve handling, Greaves has integrated a 10-inch rear tyre and a revised wheel and motor configuration, which the company claims provides smoother acceleration and better balance.

The e-scooter continues to utilise the proven Magnus Neo platform, which holds a national record for the longest journey by a city-speed family electric scooter, covering over 2,300 km from Bengaluru to Delhi.

It is powered by an advanced LFP (Lithium Iron Phosphate) battery. This chemistry, the company said is chosen for its durability, offering up to 10 years of life cycle and the ability to operate safely in temperatures ranging from -40deg C to 60deg C.

The Magnus Neo delivers a top speed of 65 kmph and an IDC range of approximately 118 km, with a practical real-world range between 85–95 km. It can be fully charged in about 6 hours using a standard home charger.

The 2026 update introduces four contemporary colour options: Mystic Mauve, Butter Yellow, Ocean Blue and Matcha Green. The scooter retains its practical ‘family-first’ features, including a 22-litre under-seat storage compartment, a USB charging port and a digital instrument console.

Vikas Singh, Managing Director, Greaves Electric Mobility, said, “Comfort and ease of rideability remain central to our product philosophy. The new Magnus Neo has been developed as a lighter, more comfortable, and easier-to-handle family scooter, designed for Indian road conditions and everyday use. With this launch, we aim to make electric mobility more practical and accessible for a wider set of riders.”

As part of Greaves' broader sustainability commitment, the Magnus Neo is backed by a 5-year/75,000 km battery warranty, the first of its kind in this segment.

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cellcentric, the joint venture between Daimler Truck and Volvo Group, has officially launched its next-generation fuel cell system, the BZA375. Unveiled at Hannover Messe 2026, the system (previously known as NextGen) is designed as a direct competitor to modern diesel engines in terms of performance, durability and total cost of ownership (TCO).

The BZA375 represents a significant advancement over its predecessor, the BZA150, by moving from a ‘twin-system’ to a powerful single-system design. This evolution has resulted in a 40 percent increase in power density, allowing the unit to fit within engine compartments originally designed for standard 13-litre diesel engines. Despite this compact footprint, the system delivers up to 375 kW of continuous net power – equivalent to more than 500 horsepower – while weighing less than 500 kg. This lightweight construction is critical for heavy-duty operators, as it ensures payload capacities remain comparable to those of traditional diesel-powered trucks.

Efficiency and durability are central to the system's value proposition. The BZA375 achieves a 20 percent reduction in fuel consumption compared to the BZA150, enabling a fully loaded 40-tonne truck to operate on less than 6 kg of hydrogen per 100 kilometres. Engineering refinements have also led to a 40 percent reduction in waste heat (at 300 kW net power) and a 40 percent reduction in overall system complexity by minimising components and interfaces. These improvements do not come at the cost of longevity, as the system is rated for a 25,000-hour service life, matching the 10-year operational expectations of modern diesel engines in long-haul transport.

While the BZA375 is primarily optimised for heavy-duty long-haul trucks, cellcentric is pursuing a ‘one-product strategy’ to apply the system across several demanding sectors to create economies of scale:

• Coaches: Offering long-range zero-emission travel with fast refuelling.
• Stationary Power: Serving as a clean energy source for data centres and industrial sites.
• Rail: Providing an alternative for non-electrified tracks or topographically demanding routes.
• Mining: Delivering high reliability and diesel-equivalent payload capacity for 24x7 operations.

Prototype production has commenced, with units currently available to OEM customers for testing and validation. cellcentric anticipates that larger volumes of mature prototypes will be deployed for initial fleet applications ahead of series production scheduled for the turn of the decade.

Karin Radstrom, President and CEO, Daimler Truck, said, “Two key technologies will lead the way on our path to decarbonise transport: battery-electric and hydrogen. We’ve already taken important steps, and cellcentric’s new fuel cell system is the next major milestone. Building on the success of its predecessor, it represents a new level of efficiency and performance.”

Martin Lundstedt, President and CEO, Volvo Group, said, “With the launch of the BZA375, cellcentric and its partners have created the blueprint for zero-emission long-haul transportation in the heavy-duty segment. This is a game changer for logistics providers and society at large, and it takes us yet another step towards the decarbonization of the industry.”

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Youdha, an electric mobility brand specialising in the three-wheeler segment, has announced its expansion strategy to establish over 200 outlets across India within the next year.

The aim is to capture a larger share of the L5 passenger electric vehicle (EV) market, focusing on both metropolitan areas and Tier-II and Tier-III cities. The expansion follows the launch of the company’s flagship model, the EPOD.

The electric three-wheeler uses a Lithium Iron Phosphate (LFP) battery, designed for urban commuting and fleet operations with an emphasis on durability and low maintenance costs.

The retail rollout expansion will begin in North and East India, specifically targeting Delhi NCR, Uttar Pradesh, Bihar, Jharkhand and Assam, before extending into the southern and western regions.

Each new outlet will offer integrated services including sales, technical support, and financing options. To support this network, Youdha is increasing production capacity at its manufacturing facility and investing in further localisation of components. The strategy aims to address both business-to-business (B2B) fleet requirements and individual ownership.

Ayush Lohia, CEO, Youdha, said, “Our vision is to make Youdha one of the most trusted and accessible EV brands in India. Expanding to 200 outlets is not just about scale – it is about ensuring that customers have reliable access to products, service, and support wherever they are. As demand grows, building a strong on-ground ecosystem becomes critical. This is not just about selling vehicles – it’s about building a complete ecosystem that supports customers throughout their ownership journey.”

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