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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Swedish electric performance car brand Polestar has announced a significant advancement in battery circularity, with the Polestar 2 and Polestar 3 now featuring batteries that contain at least 50 percent recycled cobalt. This milestone underscores the company’s broader commitment to minimising reliance on virgin materials, improving value chain transparency and extending the lifecycle of critical resources.

Rather than limiting its focus to sourcing, the company prioritises preserving battery value throughout the vehicle’s life. Extended battery longevity benefits both sustainability goals and the owner’s experience. In collaboration with Volvo Cars battery centres, Polestar implements a refurbishment system where its vehicles needing a new battery receive a reconditioned unit that matches the original’s state-of-health. This closed-loop approach reduces environmental impact while maintaining performance.

Recycling partnerships are being established across all markets to align with producer responsibility regulations, further supporting efforts to maximise material recovery. These initiatives complement a design philosophy that emphasises circular material choices. Across its model range, Polestar incorporates recycled aluminium and steel, along with interior textiles such as ECONYL polyamide carpets and yarn made from PET waste. By reducing material complexity and favouring modular, mono-material solutions, the company enables customers to choose vehicles built with lower environmental impact without sacrificing safety or driving dynamics.

Since 2020, the brand has consistently pushed for greater openness around its environmental footprint, publishing detailed model-by-model lifecycle assessments and disclosing carbon emissions data across its operations. It broke new ground with blockchain technology to trace cobalt in the Polestar 2, raising the bar for supply chain accountability. Electrification is viewed not as an endpoint but as a foundation, with recent strides including smart charging integration and a 25 percent drop in per-vehicle CO₂ emissions since 2020, all achieved while introducing four new models to the lineup.

Fredrika Klarén, Head of Sustainability, Polestar, said, “To drive a Polestar is an intentional choice by customers who care about tomorrow. Electrification, powered by renewable energy and enabled by circular battery materials, points to a new kind of system: one where resources stay in use and abundance replaces depletion.”

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Suzuki has named Cork-based Ohme as its exclusive home electric vehicle (EV) charging partner in Ireland, a move that coincides with the arrival of the new e Vitara in showrooms. This collaboration builds on an existing partnership between the two companies in United Kingdom, and under the Irish agreement, Suzuki will recommend Ohme’s charging solutions to customers requiring home installation. For a limited time, retail buyers will be offered a complimentary Ohme home charger.

As part of the rollout, Ohme chargers will be displayed across Suzuki dealerships, where the company will manage the full process from supplying the hardware to completing installations, alongside providing comprehensive training and support for dealer staff. Ohme currently holds the position of the largest home EV charging provider in both Ireland and UK and is recognised as the fastest-growing company in its sector across Europe. The newly launched Suzuki e Vitara, available with 49 kWh or 61 kWh battery options, is backed by a warranty covering up to 10 years or 160,000 kilometres, inclusive of the battery.

Ohme’s dynamic chargers are designed to integrate with Ireland’s most competitive energy tariffs, automatically adjusting charging schedules to leverage the lowest-cost, greenest electricity periods. A solar boost feature further reduces dependency on the grid. When using a smart EV tariff like Energia EV Smart Drive, fully charging the e Vitara’s 61 kWh battery with an Ohme charger can cost under EUR 6, a figure based on the vehicle’s WLTP range of 426 kilometres.

David Kateley, Director of Automobile, Suzuki GB and Republic of Ireland, said, “As Suzuki’s first ever electric car, the introduction of e Vitara will be crucial for us in Ireland and our partnership with Ohme will play an important part in that car’s success. Ohme’s cutting edge technology will help to lower running costs for owners, while their commitment to customer service makes them an ideal match for us improving the ownership experience of the e Vitara still further.”

David Watson, CEO, Ohme said, “I’m delighted to announce this new collaboration with Suzuki. With Suzuki’s expertise in the four-wheel drive market, the e Vitara is a great choice for those wanting to combine 4x4 technology with electric motoring. We’re looking forward to introducing Suzuki’s customers to the benefits of dynamic charging and supporting its dealer network.”

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Delhi-NCR-based Euler Motors, an electric commercial vehicle manufacturer, has raised INR 4.37 billion (USD 47 million) in a Series E funding round. The investment was led by Lightrock, with participation from Hero MotoCorp and Blume Ventures. The company also secured an additional INR 2.5 billion in debt financing from BlackSoil, Trifecta, InnoVen and Alteria Capital.

Founded in 2018, Euler Motors focuses on the last-mile logistics segment in India. The company is the second largest player with 22 percent market share in the four-wheel electric cargo segment. To cater to demand in the country, it is expanding to over 100 touchpoints across the country.

The recent capital will be used to expand manufacturing capacity, scale the national retail and service network, and invest in core operational functions. To date, Euler Motors has raised approximately INR 19 billion (USD 229 million).

Saurav Kumar, Founder and CEO, Euler Motors, said, “This round comes at an important stage in Euler Motors’ journey. We are moving from early scale-up to the next phase of growth, where the focus is on building with greater depth and consistency across products, markets and operations. We see a significant opportunity in commercial EV segments where uptime, reliability and operating economics matter most, and we will continue to invest behind that opportunity with discipline. The combination of fresh equity and debt capital strengthens our ability to expand capacity, deepen our network and build the operating foundation required for long-term growth. We are pleased to welcome Lightrock as a new investor and grateful for the continued support of Hero MotoCorp, Blume Ventures, BlackSoil, InnoVen, Trifecta and Alteria Capital.”

Ademidun (Demi) Edosomwan, Partner and Head of Energy Access, Lightrock, said, “We are proud to partner with Euler Motors and accelerate their mission to transform commercial mobility in India. Euler Motors has built a differentiated platform in electric commercial vehicles with products purpose-built for Indian operating conditions and the demands of last-mile logistics. The company is delivering practical, scalable solutions that can drive the wider transition to clean mobility.”

Harshavardhan Chitale, CEO, Hero MotoCorp, said, “We are excited to support Euler Motors in its latest fundraise, as the company continues to demonstrate strong momentum in building ecological and scalable solutions. Their commitment to innovation, operational excellence and long-term value creation aligns closely with our vision of being sustainable and customer-centric.”

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Yuma, the Indian Battery-as-a-Service (BaaS) and electric vehicle (EV) energy infrastructure JV between Yulu and Magna International, has announced the completion of 50 million battery swaps since February 2023.

The company performed 25 million of these swaps within the last 15 months, indicating an acceleration in the growth of its network.

Yuma stated its growth is supported by an energy network designed for high-frequency fleet and delivery operations. The company reported several key performance indicators including 99.9 percent uptime availability at its network, battery swaps completed in minutes and integration of safety-first systems to maintain partnerships with OEMs and public-sector bodies.

The doubling of swap volume from 25 million to 50 million in just over a year, the company said suggests that battery swapping is becoming a primary energy solution for India's EV ecosystem. The model relies on deep integration with EV manufacturers to ensure hardware compatibility and predictable economics for fleet operators.

The expansion of the Yuma network is facilitated by collaborations with both public and private infrastructure partners. These allow for dense urban coverage and support the scaling of interoperable energy systems across the country.

Muthu Subramanian, GM & MD, Yuma, said, “Reaching the 50‑million swap mark in only three years demonstrates not only Yuma’s rapid growth, but the trust of thousands of EV users and fleet partners — and the pace at which India is embracing battery swapping as a practical, efficient and scalable energy solution. With nearly 100 percent uptime and safety-first processes, Yuma has become a trusted energy partner powering large-scale mobility solution provider.”

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