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 has partnered with Chennai-based logistics platform VFRYT, supplying 50 electric commercial vehicles to support the launch of VFRYT's on-demand commercial vehicle booking service.

The agreement integrates Montra Electric's Super Cargo eCX d+ vehicles into VFRYT's logistics platform, which connects fleet operators and owner-drivers with businesses requiring intra-city freight transportation.

VFRYT's platform uses GPS, SIM-based and FASTag tracking, alongside artificial intelligence-enabled monitoring to provide real-time shipment visibility. The initial VFRYT fleet comprises approximately 185 electric vehicles alongside diesel and CNG options, with Montra Electric's units deployed across its channel mobility partner network in Chennai prior to planned expansion into other Indian regions.

The Montra Electric Super Cargo eCX d+ features a 13.8 kWh battery delivering a range exceeding 150 kilometres per charge, a cargo capacity of 170 cubic feet and telemetry integration via the One Montra App. The vehicle includes a five-year battery warranty and a chassis designed for commercial freight operations.

Jalaj Gupta, Managing Director, Montra Electric, said, "For electric commercial mobility to scale, the business case must be as compelling as the technology itself. The real opportunity lies in integrating electric vehicles into the everyday flow of commerce and ensuring they create tangible value for the businesses that depend on them. By connecting our vehicles with an on-demand platform like VFRYT, we are expanding opportunities for their deployment while bringing electric mobility closer to the daily realities of Indian logistics."

Pradeep Murali, Founder & CEO, VFRYT, said, "Our vision at VFRYT is to make commercial transportation more accessible, transparent and efficient through technology. This collaboration with Montra Electric is an important step towards bringing sustainable mobility into the everyday logistics ecosystem. We aim to give businesses greater access to efficient transportation solutions through our on-demand platform, while accelerating the adoption of electric mobility and supporting cleaner urban logistics. We believe that the convergence of technology and electric mobility will play a key role in shaping the future of goods transportation in India."

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Yulu, a micro-mobility solution provider, has launched its electric mobility-as-a-service platform in Nashik through its Yulu Business Partner franchise model, collaborating with Approach Auto Mobility led by entrepreneur Jai Dhanani.

The expansion marks Yulu's second market in Maharashtra following Mumbai and its ninth franchise-led launch across non-metro locations, extending its overall presence to 13 cities. Operations will commence with a fleet of 100 DeX electric two-wheelers operating from a hub in Rajiv Nagar, with plans to scale coverage across the city and surrounding areas.

The platform aims to serve Nashik's delivery sector, which records approximately 25,000 daily orders across 25 dark stores and 1,500 food service outlets. The service includes battery swapping supported by Yuma Energy, maintenance, and insurance, offering commercial users a cost-per-kilometre lower than petrol vehicles.

Amit Gupta, Co-Founder & CEO, Yulu, said, "India’s next phase of e-mobility adoption will be shaped by non-metro cities where changing consumer expectations and the expansion of quick commerce are reshaping urban logistics. The depth of demand for sustainable, reliable, and accessible solutions from both consumers and delivery partners in Nashik makes it the perfect time for a hyperlocal goods mobility platform like Yulu to launch its service in the city. Through our partnership with Approach Auto Mobility, Yulu aims to create an EV-powered delivery model that adapts to Nashik’s evolving needs."

Jai Dhanani, Founder, Approach Auto Mobility, said, "As an existing battery swapping franchise partner of Yuma Energy, we were already familiar with the Yulu Group’s purpose-built system and technology-driven approach to mobility. The latest partnership gets us closer to our aim of making EV-powered deliveries the default in Nashik — a goal we will achieve by offering delivery partners a lower cost per kilometre and near-zero downtime network, even as we simultaneously help brands unlock a dependable and low-emission fleet that grows with them as a partner."

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Blue Energy Motors has expanded its green freight footprint through two commercial initiatives, deploying LNG-powered heavy-duty trucks with M R Shah Group and opening a battery-swap station for electric heavy-duty trucks in Bhiwandi in partnership with Hindustan Petroleum Corporation (HPCL).

M R Shah Group has integrated double-tank LNG heavy-duty trucks from Blue Energy Motors into its long-haul operations to transport non-hazardous chemicals from Kutch to destinations in North India. The double-tank vehicles provide an operating range of up to 2,400 kilometres on a single fill, reducing refuelling stops and lowering greenhouse gas emissions by up to 30 percent compared to diesel trucks.

Concurrently, Blue Energy Motors and HPCL have operationalised a heavy-duty truck battery-swap facility at an HPCL retail outlet in Bhiwandi, extending the company’s Mumbai–Pune Electric Freight Corridor. The station performs automated battery swapping for heavy commercial vehicles in under five minutes to reduce charging downtime. The facility also incorporates public charging infrastructure for electric two-wheelers, four-wheelers, and commercial vehicles. Across its electric and LNG platforms, Blue Energy Motors operates over 1,400 trucks in India, covering 150 million kilometres and reducing carbon dioxide emissions by over 44,000 tonnes.

Archit Agrawal, Director, M. R. Shah Group, said, "In our business, keeping goods moving efficiently across long distances is essential. Blue Energy Motors LNG double-tank trucks offer the range required for our operations from Kutch to North India, while supporting reliable transportation and better fleet utilisation. Adopting this technology is a practical step towards improving operational efficiency while progressively moving towards cleaner freight transportation."

Anand Mimani, CEO – EV & New Energy Business, Blue Energy Motors, said, "We value M. R. Shah Group’s confidence in our LNG-powered heavy-duty trucks and its commitment to exploring cleaner solutions for long-haul transportation. The adoption reflects a forward-looking approach to freight operations, where operational efficiency and environmental responsibility go hand in hand. At Blue Energy Motors, we remain committed to supporting our customers with reliable, high-performance solutions that contribute to lower-emission freight movement and the evolution of India’s logistics sector. Our focus at Blue Energy Motors is on making electric freight a practical and scalable reality in India. Our partnership with HPCL brings together our strengths to build the energy infrastructure needed to support this transition. Bhiwandi, with its strong freight and logistics activity, is an important market for us. This first facility is a meaningful step forward, and we look forward to expanding our network of battery-swapping and charging facilities across key markets, supporting electric trucking and serving the wider EV ecosystem."

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E-commerce major Amazon has partnered with Tata Motors to deploy 3,000 electric trucks across Amazon's transportation network in India.

The initiative represents the deployment of Tata Ultra E.7 electric trucks for middle-mile freight movement between facilities, across cities and along highway corridors. The initial rollout begins in Delhi, with plans to electrify the 2,800-kilometre Delhi–Bengaluru–Chennai corridor along NH48 across seven states.

Tata Motors will supply the vehicles, while Amazon's carrier partners will own and operate them. Dedicated charging infrastructure for the fleet is being developed in partnership with charging provider Yahhvi.

The Tata Ultra E.7 features an integrated e-axle, CCS2 fast-charging capability, regenerative braking and a crash-tested cabin with high-voltage safety systems. The deployment aligns with Delhi's 2026 EV Policy, which provides exemption from city ‘No Entry’ hours for the first 1,000 registered medium-duty electric trucks, as well as national schemes including PM E-DRIVE and PARIVARTAN.

H. D. Kumaraswamy, Union Minister for Heavy Industries and Steel, Government of India, said, "India under the able leadership of Prime minister Shri Narendra Modi, is accelerating towards electric mobility and the realisation of Viksit Bharat 2047. The collaboration between Tata Motors and Amazon shows sustained demand from a nationwide logistics network, met by electric trucks manufactured in India. Through schemes like PM E-DRIVE, PLI Auto and PLI ACC the Government will continue to support this transition, and I look forward to more such efforts in powering green logistics."

Pankaj Kumar Singh, Minister of Health & Family Welfare, Transport & IT, Government of Delhi, said, "Delhi has led the nation’s transition to electric mobility, from expanding our zero-emission mass-mobility to building robust charging infrastructure across the capital. Decarbonising logistics is an important next step in our efforts to reduce transport-related emissions and contribute to improving air quality in Delhi. This collaboration between Amazon and Tata Motors sets an exemplary precedent, showing how progressive governance and industry leadership can join forces to accelerate sustainable urban logistics and improve the quality of life for the citizens of Delhi."

Abhinav Singh, Vice-President – Operations, Amazon, APAC, Middle East, Africa and Turkey, said, "Electrifying our logistics and transportation network is an important part of Amazon’s goal to achieve net-zero carbon emissions by 2040. We have made significant progress in India, with more than 15,000 electric vehicles operating across 500-plus cities. To enable this transition, we are also supporting the development of infrastructure and solutions that make EV adoption easier for our carrier partners and drivers. We are now setting a bold vision to scale electric trucking, addressing one of the toughest challenges in decarbonising transportation. Our collaboration with Tata Motors marks an important step towards realising this vision. By combining our strengths, we aim to accelerate the deployment of electric trucks across more routes, starting with intracity operations and expanding to India’s major freight corridors.”

Rajesh Kaul, Vice-President & Business Head – Trucks, Tata Motors, said, "Electric trucking in India is moving beyond the pilot stage and entering a phase of wider adoption. With deep localisation driving affordability and a compelling total cost of ownership, zero-emission trucks are becoming a practical business proposition for fleet operators across segments. Working with Amazon India, we are going beyond vehicle deployment to provide charging infrastructure, servicing and operational support. This collaboration will demonstrate how electric trucks can be integrated into large-scale logistics operations, with the potential to help reduce transportation-related emissions. We believe this effort will contribute to the broader adoption of electric commercial vehicles in the country."

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