IPO: The Bengaluru-headquartered Ather Energy is presently in talks with banks, exploring an Initial Public Offering (IPO) in India, as per media reports.

The Hero MotoCorp-backed electric two-wheeler company plans to raise about $400 million, over Rs 330 crore, targeting a valuation of $2 billion. Currently, Hero Moto Corp owns about 39 percent of Ather Energy.

The primary revenue-generating stream for Ather Energy comes from the sale of scooters and after-sales and subscription services making up for some portion of its operating income as well.

In FY 23, Ather recorded a significant jump to Rs 1,806 crore from Rs 413 crore posted last year.

Ather Energy competes against the likes of Ola Electric and TVS Motor Company.

Earlier in December 2023, Ola Electric had also announced its plans for IPO with plans to raise Rs 5,500 crore, termed to be one of the largest share sales from an electric two-wheeler company in India.

Meanwhile, on the product front, Ather Energy is working to introduce its first family electric scooter built on the same platform that underpins the Ather 450 range of scooters.