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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Chennai-headquartered two-wheeler and three-wheeler major TVS Motor Company and its partner Exelentia have delivered two TVS iQube electric scooters to the Governorate of Vatican City State. The initiative supports the Vatican’s transition towards zero-emission mobility for its daily operations.

The delivery, completed on 5 February, stems from a collaboration between the Vatican and Exelentia focused on innovation and sustainability. The partnership involves TVS Motor Italia and aims to provide transport solutions that meet the requirements of the Vatican environment.

The TVS iQube was selected for its performance and noise-free operation. It comes with up to 100 km of claimed range in eco mode. Equipped with the SmartXonnect system, the e-scooter offers a connectivity option via a TFT display and a mobile application. Built for urban and short-range travel with a focus on ease of use and functional technology.

Giovanni Notarbartolo di Furnari, General Manager of TVS Motor Italia, stated, “The deployment of TVS iQube electric scooters in a prestigious setting such as the Vatican validates our vision for urban electric mobility—anchored in reliability, intuitive usability, and world class quality.” 

Giovanni Zappia, Founder & Owner, Exelentia, added, “The partnership undertaken with the Governorate of the State of the Vatican City strengthens Exelentia’s commitment to contributing concretely to mature, reliable mobility fully suited to particularly sensitive urban and institutional contexts.”

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Mumbai-based green mobility company Odysse Electric Vehicles has announced the appointment of Sudhir Goel as Co-founder, which it aims to enable it to transition as a professional organisation entering its next growth phase in the Indian electric vehicle (EV) sector.

Goel joins the company with almost three decades of experience in the automotive and engineering industries. His previous roles include leadership positions at Ford Motor Company in Japan, CEO of Jay Ace Technologies and President of Lithium Batteries at Greenfuel Energy Solutions.

In his new role, Goel will oversee two primary areas – streamlining the supply chain and manufacturing processes to address market demand. He will also be responsible for the company’s retail footprint across India.

Nemin Vora, the company’s Founder, will continue as CEO, leading brand vision and product development in partnership with Goel.

Nemin Vora, said, “Odysse Electric is no longer just new startup; we are a significant player in the national mobility conversation. The appointment of Sudhir Goel as Co-Founder is a testament to our evolution. His professional pedigree and track record will provide the structural backbone we need to drive long-term growth."

Sudhir Goel, stated "I am excited to join Odysse at this pivotal stage. The company has built a strong foundation with innovative products and a clear vision. I look forward to leveraging my experience to scale operations, strengthen the EV ecosystem, and drive Odysse towards becoming a significant player in the sustainable mobility revolution."

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A prototype of the upcoming Kia EV2 has demonstrated robust cold-weather performance in one of the world's most demanding real-world evaluations. During the record-breaking cold edition of the Norwegian Automotive Federation's El Prix Winter Test Drive, where temperatures plummeted to -31°C, the EV2 covered 310.6 kilometres before stopping. This event subjects electric vehicles to identical real-world driving and charging conditions on Norwegian roads, and this year's winter test was the coldest in its history.

The tested vehicle was a 'GT-line' variant equipped with a 61.0 kWh long-range battery and 19-inch wheels. Driven for over five hours in the mountainous Jotunheimen region with temperatures around -21°C, its achieved range represented a deviation of -24.81% from its target WLTP figure of 413 kilometres for this configuration. This unofficial result would place it ahead of all officially entered series-production models. While its prototype status excludes it from the NAF's formal report, it completed the route under the same stringent conditions as production vehicles.

The EV2 also showcased resilient charging capability in the extreme cold. Utilising its rapid DC fast-charging function, the prototype recharged from 10 percent to 80 percent state of charge in 36 minutes. This was only six minutes longer than its official target, underscoring the model's practical everyday usability. The car is based on Kia's 400V E-GMP architecture, supporting 11 kW AC, 22 kW AC and DC fast charging.

As Kia's second fully electric model to be manufactured at its European facility in Žilina, Slovakia, the EV2 is currently in production with a 42.2 kWh standard-range battery. The long-range battery version and the 'GT-line' variant are scheduled to follow from June 2026. Final, formal WLTP range figures, determined under standardised laboratory conditions, are anticipated in the third quarter of 2026.

This performance aligns with the proven capability of Kia's European-built EVs. In the same arduous winter test, the EV4 – the first electric model from the Žilina plant – with an 81.4 kWh battery and 19-inch wheels achieved 390 kilometres, ranking among the top overall performers and reinforcing the brand's consistent real-world electric vehicle performance in adverse conditions.

Pablo Martinez Masip, Vice President – Product and Marketing, Kia Europe, said, “This result serves as proof that the EV2 will continue to deliver reliable range even in extremely low temperatures. Being the entry point to Kia’s EV lineup does not mean compromising; the EV2 offers customers throughout Europe an affordable yet reliable way to enter electric mobility.”

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Ecofy, a green-focused NBFC backed by Eversource Capital, has entered a strategic partnership with Ather Energy to provide financing for electric two-wheelers. Under the agreement, Ecofy plans to deploy INR 1 billion in capital to support the purchase and ownership of Ather vehicles.

The collaboration is intended to improve access to green financing and address barriers to electric vehicle (EV) adoption, such as upfront costs and uncertainty regarding asset value.

Ecofy will serve as a preferred financing partner, offering Ather customers a range of options beyond standard vehicle loans:

• Leasing Solutions: Providing alternatives to traditional ownership.
• Assured Buyback: Structures designed to offer certainty on future asset value.
• Battery-as-a-Service: Separating battery costs from the vehicle purchase to reduce initial expenditure.

The partnership combines Ather Energy's manufacturing and technology with Ecofy's retail-focused finance platform. The goal is to stimulate demand across both urban and emerging markets in India by simplifying the purchase journey for first-time EV buyers.

Rajashree Nambiar, Co-Founder, MD & CEO, Ecofy, said, “Clean transportation is critical to India’s green transition, and wider adoption depends on access to the right financing solutions. Our partnership with Ather Energy brings together strong product offerings and specialized green finance, helping customers adopt EVs with greater confidence, affordability, and flexibility.”

Ravneet Phokela, Chief Business Officer, Ather Energy, said, “Financing is an important consideration in the two-wheeler purchase journey, particularly for customers exploring EVs for the first time. Over the years, we’ve worked to build a strong financing ecosystem to make Ather accessible across markets. This partnership with Ecofy further broadens the range of financing options available to customers looking to buy an Ather, making the purchase and ownership journey easier to navigate. It helps simplify the decision-making process and supports broader access to electric two-wheelers.”

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