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<ul><li><keyword id="19938729" type="General" weightage="20" keywordseo="ather-energy" source="keywords">Ather Energy</keyword> has filed draft papers for a ₹3,100 crore IPO with SEBI.</li><li>Ola Electric had raised ₹5,500 crore in its IPO in August.</li><li>Ather Energy plans to set up a new manufacturing facility in Maharashtra.</li></ul>Electric two-wheeler manufacturer Ather Energy has announced that it is going public and raising ₹3,100 crore in its initial public offering (IPO). The Tarun Mehta-led company has filed its Draft Red Herring Prospectus (DRHP) with the Securities Exchange Board of India (SEBI). The proposed IPO includes a fresh issue of shares worth ₹3,100 crore and an offer for sale (OFS) component of 2.2 crore shares by promoters and investors. <keyword id="20253467" type="General" weightage="20" keywordseo="tarun-mehta" source="keywords">Tarun Mehta</keyword> and <keyword id="19993824" type="General" weightage="20" keywordseo="swapnil-jain" source="keywords">Swapnil Jain</keyword> will offload 10 lakh shares each. Caladium Investment Pte Ltd, National Investment and Infrastructure Fund II, Internet Fund III Pte Ltd and 3State Ventures Pte. Ltd are among the investors selling their shares. <div type="Article" hostid="261" msid="109128809" title="Ather Rizta launched in India as the Hero MotoCorp-backed EV forays into the family scooter segment" mstype="2" mssubtype="0"></div> Ather Energy’s IPO is nearly half of what its rival Ola Electric raised through its <a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms">IPO</a> last month. This will make Ather Energy the second electric two-wheeler maker in India to go public. Ather Energy is backed by Hero MotoCorp, which has a 37.2% stake in the EV maker. Hero MotoCorp will not sell its shares in the IPO. Apart from Hero MotoCorp, Flipkart co-founders Sachin Bansal and Binny Bansal have also invested in Ather Energy. The EV maker will use the funds raised in the IPO to establish a manufacturing facility in Maharashtra and invest in research and development. The proposed manufacturing facility in Maharashtra will come up in Chattrapati Sambhaji Nagar district. The company currently has a manufacturing facility at Hosur, Tamil Nadu. Ather Energy sells four electric scooters: the 450S, 450X, 450 Apex and the recently launched <a href="https://www.businessinsider.in/business/auto/news/ather-rizta-electric-scooter-launched-in-india-starting-at-rs-109999/articleshow/109128809.cms">Rizta</a>, a family scooter. The company also sells products like the Halo smart helmet and other scooter accessories. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/iphone-16-pro-iphone-16-pro-max-india-price-specifications/articleshow/113204340.cms">iPhone 16 Pro and iPhone 16 Pro Max with bigger displays, A18 Pro chipset launched starting at ₹1,19,900</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-16-iphone-16-plus-price-specs/articleshow/113203568.cms">iPhone 16, iPhone 16 Plus with A18 chipset launched starting at ₹79,900</a> <a href="https://www.businessinsider.in/stock-market/news/shree-tirupati-balajee-agro-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113196203.cms">Shree Tirupati Balajee Agro IPO allotment – How to check allotment, IPO GMP, listing date and more</a>

Ather Energy looks to raise ₹3,100 crore, files IPO papers with SEBI

<ul><li>The Series B round was led by Gulf Islamic Investments (GII), with participation from <keyword id="1326310" type="ORGANIZATION" weightage="20" keywordseo="Oaks">OAKS</keyword>.</li><li>The company had last raised ₹160 crore from Mumbai-based Alpha Ventures in December 2018.</li><li><keyword id="195740" type="COMPANY" weightage="20" keywordseo="Hero-Electric">Hero Electric</keyword> said it will use this funding to expand production capacity.</li></ul>Electric vehicle (EV) manufacturer Hero Electric, which focuses on two-wheelers, has raised ₹220 crore ($29 million) in its Series B funding round led by Gulf Islamic Investments (GII). Existing investor OAKS also participated in this round. Talking about this fundraise, Hero Electric’s managing director <keyword id="195739" type="PERSON" weightage="20" keywordseo="Naveen-Munjal">Naveen Munjal</keyword> said that the company aims to sell over one million units annually over the next couple of years. He also noted that the EV market has undergone tremendous change over the last couple of years, especially due to policies being more conducive for growth in the segment. E-mobility is poised to grow at over two times from the last fiscal year (FY20), Munjal added. Hero Electric had last raised ₹160 crore ($21 million, at current conversion rate) funding from Mumbai-based Alpha Capital in December 2018. This was the company’s maiden fundraise and was raised to build its second factory. A part of the capital was also used to develop new products and expand its dealership network. The capital raised in the latest Series B round, the company said, will be used towards expanding production capacity, consolidating market position to strengthen market leadership, investing in technology and growing footprint across India like markets. The electric two-wheeler maker will also focus on India-centric, flexible and cost-effective innovation. The Gurugram-based company also plans to make significant additions to its manufacturing capacity to achieve the target of 1 million sales annually. It will also set up multiple plants over the next couple of years. Hero Electric has specified that it will invest at least ₹700 crore to raise annual production capacity to more than 1 million units over the next four years. Currently, its plants manufacture 75,000 units per year. These new capacities will come up at two or three locations, of which one will be located closer to a port for easy export. “This round of investments which is a first of a larger scheme will help expand our manufacturing capacities, increase R&amp;D [research and development] spends that will enable us to continue to launch innovative products to disrupt the category,” Munjal added. Hero Electric is owned by Naveen Munjal, a relative of the <keyword id="11618761" type="UNKNOWN" weightage="20" keywordseo="munjals-of-hero-motocorp">Munjals of Hero MotoCorp</keyword>. The company has no business association with the publicly listed company Hero MotoCorp. Hero MotoCorp is an investor in another EV company Ather, which was founded by Tarun Mehta and Swapnil Jain in 2013. It has been aggressive about its operations as well and closed a $260 million Series D round in November 2020. SEE MORE <a href="https://www.businessinsider.in/business/startups/news/paytm-money-users-can-now-apply-for-zomato-ipo-from-today/articleshow/84334784.cms">Paytm Money now allows investors to apply for an IPO before opening, Zomato being the first</a> <a href="https://www.businessinsider.in/tech/news/sonys-televisions-will-soon-be-100-robot-made-according-to-a-report/articleshow/84320631.cms">Sony's televisions will soon be 100% robot-made, according to a report</a> <a href="https://www.businessinsider.in/tech/news/zomato-sets-a-reward-of-up-to-3-lakh-for-finding-bugs-in-its-apps-and-website/articleshow/84268126.cms">Zomato sets a bounty of nearly ₹3 lakh for finding bugs in its apps and website</a>

Hero Electric raises ₹220 crore to sell over a million electric scooters a year

New Delhi, Feb 12 () Suzlon Energy on Wednesday reported widening of consolidated net loss to Rs 742.91 crore in December quarter mainly on account of lower revenues. The company had reported a net loss of Rs 40.07 crore in the year-ago period. Total income from operations declined to Rs 672.99 crore in the quarter ended on December 31, 2019, from Rs 1,112.34 crore a year ago, the company said in a filing to the BSE. Consolidated net loss for April-December rose to Rs 1,857.62 crore from Rs 1,242.55 crore in the corresponding period of 2018-19. Its consolidated net loss for 2018-19 stood at Rs 1,537.19 crore. "Our WTG (wind turbine generator) business operations continue to be at a subdued level with nominal allocation of capital as we are working towards a holistic debt resolution with the lenders consortium. Our operation and maintenance services (OMS) business continues to deliver strong profitability and high machine performance for the customers," Suzlon Energy CFO Swapnil Jain said. The forging and foundry business continues to deliver good performance and is currently earning almost 100 per cent of its revenues from external customers, he added. "Liquidity constraints continue to impede our operations, and we continue to focus on cost optimization across the board including cost of goods sold (COGS) and fixed costs. We are diligently working with our lenders towards a holistic debt resolution and fixing the capital structure," Jain said. KKS RUJ

Suzlon Energy reports widening of net loss to Rs 743 cr in Q3

New Delhi, Dec 10 () Observe.AI, an artificial intelligence (AI)-powered agent enablement for voice customer service, on Tuesday said it has raised USD 26 million (about Rs 184 crore) in a funding round-led by Scale Venture Partners.
 The series A financing round also saw participation from Nexus Venture Partners, Steadview Capital, 01 Advisors, and Emergent Ventures, a statement said.
 This brings the company's total funding to USD 34 million, it added.
 The latest funding will allow Observe.AI to expand its US-India team globally and accelerate product development.
 In conjunction with the funding, Andy Vitus, partner at Scale, will be joining Observe.AI's board.
 "Legacy speech analytics systems are simply not meeting the needs of the world's top brands. Today's customer service agents have a unique ability to emotionally connect with customers and are often a brand's only frontline representatives," Observe.AI CEO and co-founder Swapnil Jain said.
 The investment will fuel the company's mission to elevate agent performance through AI-based coaching and insights, he added.
 Some of Observe.AI's users include TripAdvisor, Concentrix, ClearMe, and Root Insurance.
 "We expect to see a 4X increase in annual recurring revenue in 2020. With plans to significantly expand our sales, marketing, and customer success teams over the next few months, we're both eager and grateful to build on the momentum," Sharath Keshava Narayana, CRO, Observe.AI said. SR RVK

Observe.AI raises USD 26 mn led by Scale Venture Partners

New Delhi, Jan 28 () Hero MotoCorp-backed Ather Energy plans to expand its operations to around 24 cities by the end of 2021-22 as it looks to cater to customers across the country, a top company official said on Tuesday.
 The company, which on Tuesday introduced its second electric scooter 450X, also plans to take its overall production capacity to 1.3 lakh units per annum by the end of FY22.
 With added sales infrastructure and new products, the company aims to touch revenue of Rs 1,800 crore by March 2022 from the expected Rs 540 crore in next fiscal.
 "With Ather 450X we are excited to be expanding across the country. This year we are starting operations in eight more cities and setting up retail partnerships across the country for the same," Ather Energy CEO and co-founder Tarun Mehta told reporters here.
 The company currently sells its first product Ather 450 in Chennai and Bengaluru and now plans to set up operations across the country, including Delhi/NCR, Mumbai, Pune and Hyderabad.
 "We have initiated bookings for the new model and the deliveries in the Delhi/NCR would begin by July," Mehta said.
 He added that the company has inked a pact with Tamil Nadu government to set up a new production facility at Hosur. Ather currently has a plant in Bengaluru.
 With the new plant getting operational over the next 6-9 months, the company would be able to raise its overall capacity to 1.3 lakh units in 2021-22, Mehta said. The company aims to have a capacity to roll out 30,000 in 2020-21 fiscal.
 "The enhanced capacity would help us to cut waiting periods for the two models," he added.
 Ather also plans to build charging infrastructure in cities where it plans to expand operations going ahead.
 When asked about the number of units sold so far, Mehta declined to comment saying the company has just started to scale up operations.
 Ather 450X is priced at Rs 99,000 (ex-showroom Delhi) if bought with two monthly subscription packs. The Plus subscription pack is priced at Rs 1,699 while Pro pack is tagged at Rs 1,999 per month.
 Without the said subscription packs, the Plus trim is priced at Rs 1.49 lakh while the Pro variant is tagged at Rs 1.59 lakh (ex-showroom Delhi).
 Ather 450X is a significant step-up from Ather 450 with improvements across multiple key parameters. The e-scooter comes with a 6kW motor, a new 2.9 kWh lithium-ion battery that comes mated with with four riding modes.
 The scooter can go from 0 to 40 kmph in just 3.3 seconds and real life range of 85 km in city conditions.
 Ather 450X comes with a 4G sim card and Wi-Fi along with Bluetooth connectivity, allowing riders to manage phone calls and music on the touch screen dashboard.
 The new touch screen dashboard comes with Snapdragon Quad Core processor. The scooter utilises Android Open Source to offer map navigation, on-board diagnostics and other unique features like over-the-air updates among others.
 Ather Energy was founded in 2013 by IIT Madras alumni Tarun Mehta and Swapnil Jain. Currently, it is backed by founders of Flipkart, Sachin Bansal and Binny Bansal, Hero MotoCorp and Tiger Global.
 The company launched its first electric scooter - Ather 450 in 2018. MSS RUJ
RUJ

Ather drives in second e-scooter;aims to scale up presence to 24 cities by FY22

Once a start-up itself, e-tailer giant Flipkart is now providing sufficient funding to new start-ups to help them realize their entrepreneurial dreams. Founders Sachin and <keyword id="6364080" type="PERSON" weightage="20" keywordseo="Binny-Bansal">Binny Bansal</keyword> have extended a funding of $1 million to <keyword id="2622993" type="UNKNOWN" weightage="20" keywordseo="Ather-Energy">Ather Energy</keyword>, an electric two-wheeler start-up attempting to gain a foothold in the country. 
 
Commenting on this funding, Tarun Mehta, co-founder of Ather Energy, said, ““We are very excited about this fresh round of funding. Sachin and Binny Bansal are leaders who have put India’s e-commerce industry on the global map through disruptive use of technology. Their focus on technology and reinvention aligns with that of Team Ather. Electric vehicles are still at a very nascent stage in India and our aim is to develop and introduce efficient electric scooters which will benefit the country and help manage its resources more effectively. We are extremely confident about this product and this funding is a reinforcement of our belief.” 
 
Reiterating a similar sentiment, Sachin and Binny Bansal said, “We believe that the world is moving towards a smarter, more energy-efficient and environment-friendly approach in our daily lives. Growing Indian start-ups like Ather are using technology successfully to make a mark in this field. We believe the team has the right vision and approach and will be successful in giving India the next generation of impactful, technology-enabled products that will change the way we live. We wish team Ather all the best for this project.” 
 
This is the second round of funding raised by Ather, which will be primarily utilised for the product development cycle. Earlier, the company had raised another round of capital from Aerospike and Technology Development Board, a government organisation, in February. 
 
The company (Ather) has also received investments from serial entrepreneur and CEO of Medall, Raju Venkatraman. The company was launched in January 2013 by Tarun Mehta and Swapnil Jain.

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Ather Energy looks to raise ₹3,100 crore, files IPO papers with SEBI

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Hero Electric raises ₹220 crore to sell over a million electric scooters a year

Kritti Bhalla

Suzlon Energy reports widening of net loss to Rs 743 cr in Q3

PTI

Observe.AI raises USD 26 mn led by Scale Venture Partners

PTI

Ather drives in second e-scooter;aims to scale up presence to 24 cities by FY22

PTI

Electric Vehicle Start-up Ather Energy Raises $1 Million From Flipkart

Purba Das

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