Ather Energy recently filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) worth Rs 3,100 crore. As per DRHP, Ather has plans to use around Rs 927.2 crore of the net proceeds of the IPO to establish an electric two-wheeler factory in Maharashtra (India) and to support ongoing research and development efforts. This development comes after Ather's rival Ola Electric went public with the IPO last month. Ola, the country's largest electric two-wheeler manufacturer, is currently readying a portfolio of four electric motorcycles, with plans to begin deliveries of the Roadster bike in Q4 FY2025.
DRHP filed by Ather also reveals that it is developing a new EV (electric vehicle) platform, 'Zenith'. This new platform will be the basis for upcoming electric motorcycles competing against the 125cc-300cc petrol-powered models. Though specifics of these upcoming vehicles are yet to be revealed, expect the company to bring in its first electric motorcycle as a mass-market offering, intensifying competition in the country's electric motorcycle segment.
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The electric motorcycle segment, currently dominated by only a few Indian manufacturers (Ultraviolette, Revolt, Tork), is yet to pick up steam as the segment is still very nascent. With motorcycles accounting for about 63 per cent of the Indian two-wheeler market, electric motorcycles are believed to offer a compelling opportunity for Ather to invest in the expanding EV market. By the end of this decade, the EV penetration in the motorcycle space is expected to hit 10 per cent, according to Ather.
Ather's EL Platform for Electric Scooters: What You Need to Know
Not limited to motorcycles, Ather's upcoming scooter range will also use a new EV platform, which the company says is more versatile and cost-effective. Called 'EL', the new platform will include a new chassis, powertrain, and electronics, but it will carry over the battery elements and the Atherstack from the Ather 450 platform.
Ather also said that the EL platform will allow it to develop a broad range of electric scooters that can be tailor-made for various domestic and international markets. Ather has yet to disclose the date for the launch of the platforms. Nevertheless, we know that the models based on new platforms will be manufactured at Ather's upcoming facility in Aurangabad, Maharashtra.
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Currently, Ather operates two manufacturing facilities in Hosur, Tamil Nadu – one for battery production and the other for vehicle assembly. The facilities have a combined capacity of 4.2 lakh units per year.
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