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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BGauss has introduced the Oowah, a new electric scooter engineered for India’s emerging generation of first-time EV buyers. Marking the company’s inaugural entry into the EV Pop scooter category, the vehicle blends practical urban commuting with a distinctive, expressive design philosophy tailored to the contemporary Indian rider.

The scooter is powered by a 3.0 kWh removable Lithium Iron Phosphate battery, which facilitates convenient indoor charging for owners without dedicated home infrastructure. Achieving an ARAI-certified range of 145 kilometres, the Oowah is available in four bold colour options – Emerald Shadow, Jamun Punch, Zesty Red and Tangy Toma – and is engineered to balance reliable performance with a striking aesthetic.

Everyday usability has been prioritised through the integration of several rider-centric features. These include reverse assist for effortless parking, a distance-to-empty indicator for journey planning and a side stand sensor to enhance safety. Additional amenities such as USB charging, full LED lighting and generous under-seat storage are intended to make electric mobility more intuitive and convenient for daily use.

This launch coincides with a significant growth phase in India’s electric two-wheeler market, which recorded over 1.11-million-unit sales in early 2026 and surpassed 11 percent monthly penetration. While current offerings are largely premium or value-focused, BGauss identifies an emerging category centred on design and self-expression. The Oowah represents the brand’s strategic expansion beyond its existing commuter models, directly targeting youthful buyers and first-time owners as the market evolves towards mainstream, high-volume demand.

Hemant Kabra, Founder, BGauss, said, “The Indian two-wheeler buyer is changing faster than most product portfolios have kept pace with. Gen Z wants products that are expressive, contemporary and enjoyable to own. With Oowah, we are introducing a new category that blends bold design with trusted electric mobility. It is a scooter that reflects individuality while delivering the reliability and practicality that riders expect from BGauss.”

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Indofast Energy, India’s leading battery-swapping solutions provider, has entered a strategic collaboration with GLIDA, a major public EV charging infrastructure firm formerly known as Fortum Charge & Drive India. The agreement involves situating Indofast’s Quick Interchange Stations at existing GLIDA sites nationwide, effectively merging swap and charge capabilities into unified energy hubs for diverse electric vehicles.

The initial rollout includes 10 stations across Chennai, Bengaluru and Hyderabad, with ambitious plans to expand to 50 locations and over 100 swapping points within the next year. By combining GLIDA’s established power infrastructure and prime site network with Indofast’s advanced swapping technology, the initiative aims to offer fleet operators and delivery riders seamless, rapid turnaround services, thereby maximising vehicle uptime and accelerating the deployment of Indofast’s Battery-as-a-Service model in busy markets.

This alliance reinforces Indofast’s role in sustainable urban transit, complementing its existing footprint of more than 1,900 stations across 24 cities. The growing network has already facilitated over two billion kilometres of emission-free travel, underscoring the company’s commitment to expanding clean mobility through partnerships with OEMs, fleet operators and infrastructure providers.

Subhash Bhat, Interim CEO, Indofast Energy, said, "Our partnership with GLIDA enables us to rapidly expand our Battery-as-a-Service network by leveraging well-connected, power-ready sites that can be quickly activated for battery swapping operations. This collaboration is about bringing our quick, reliable swapping experience to more riders where they need it most – at accessible, high-utilisation locations across key markets. As we aim to scale to 100+ Quick Interchange Stations across 50 sites within the next year, we are strengthening the energy infrastructure that India's growing electric mobility ecosystem demands. Every new deployment brings us closer to our mission of making battery swapping the most accessible, productive and sustainable energy choice for EV users across the country.”

Deepak Paliwal, Managing Director & CEO, GLIDA, said, "At GLIDA, our mission has always been to deliver advanced, highly reliable and seamless charging solutions that cater to the evolving needs of the EV ecosystem. Over the last decade, we have learned that the hard part is not the technology, it is the site: land in the right location, dependable grid connectivity and operations that run reliably every day. Our charging station locations especially hubs have room for doing more for the benefit of ecosystem. This partnership with Indofast Energy allows us to display future-ready mobility infrastructure where high-power charging and rapid battery swapping coexist to serve different vehicle categories from a single location. This is how we could electrify more vehicles per square foot of urban India, and how we build a more efficient, inclusive and decarbonised transit system.”

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Amara Raja Energy and Mobility (ARE&M), a comprehensive energy solutions provider, has announced its financial results for Q1 FY2027. The company’s revenue grew 21 percent to INR 40.41 billion, as compared to INR 33.50 billion a year ago.

The profit before tax came at INR 2.72 billion, up 4 percent YoY, as against INR 2.61 billion last year.

Harshavardhana Gourineni, Executive Director-Automotive and Industrial, Amara Raja Energy and Mobility, said, “We have begun FY27 on a strong note, with broad-based growth across all segments. The Automotive domestic business revenue grew over 20 percent YoY on the back of healthy OEM demand and double-digit growth in the aftermarket. Home Energy grew over 30 percent YoY, supported by a strong summer season, while the Industrial Battery business sustained momentum with UPS segment recording double digit revenue growth.”

He further stated that the company’s international business faced headwinds due to geopolitical situation and shifting trade dynamics.  “We are actively recalibrating our market and channel mix to build a more resilient export franchise," he said.

Vikramadithya Gourineni, Executive Director - New Energy Business, Amara Raja Energy and Mobility, added, "Strong growth in the stationary storage segment drove our volume performance during the quarter. We are steadily transforming into a fully integrated new energy company, with capabilities now spanning the entire value chain-from advanced cells and battery packs to chargers, power conversion technologies and energy storage systems; creating a strong platform for long-term growth."

Jayadev Galla, Chairman and Managing Director, Amara Raja Energy and Mobility, said, "Our Q1 performance demonstrates the strength of our diversified business portfolio and the resilience of our operating model. As India accelerates its transition towards a more energy-secure and self-reliant future, we continue to invest with conviction in technologies and capabilities that will define the next phase of growth. The commissioning of our Customer Qualification Plant and the steady progress of our Battery Energy Storage Systems facility and Giga Factory reinforce our commitment to building a globally competitive energy and mobility enterprise while creating sustained value for all our stakeholders."

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Epsilon CAM, the cathode materials business of Epsilon Group, has entered customer validation testing for its Gen 3.0 Lithium Iron Phosphate (LFP) Cathode Active Material with battery cell manufacturers across the Asia-Pacific region, Europe and the United States.

The material, launched in April 2026, records a discharge capacity of 159 mAh/g and an electrode density of 2.51 g/cc or higher. These metrics match performance benchmarks established by Chinese producers, who have historically supplied the majority of LFP cathode materials to international markets.

Epsilon CAM plans to construct a manufacturing facility with an annual capacity of 20,000 tonnes per annum (TPA) by 2028, with targets to expand output to 100,000 TPA. The expansion aims to position the company as an alternative supplier of cathode active materials outside of China.

Vikram Handa, Managing Director, Epsilon Group, said, "The global battery industry is entering an era where technology leadership must be complemented by resilient and diversified supply chains. The advancement of our Gen III LFP cathode material into customer validation with large global cell makers shows our commitment to providing cell manufacturers with high-performance, globally competitive and supply chain-resilient cathode solutions."

Product engineering for the material is conducted at Epsilon CAM's Cathode Technology Centre in Moosburg, Germany. The research hub operates alongside a 250 TPA pilot manufacturing facility and holds 149 patents in cathode chemistry, materials science and process engineering.

The non-Chinese origin of the technology and its manufacturing processes complies with United States Prohibited Foreign Entity (PFE) regulations regarding battery material provenance. This compliance provides automotive original equipment manufacturers and cell producers with a supply chain option that aligns with North American and European regulatory frameworks for electric mobility and energy storage products.

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