changeadmin, co-founder of Ather Energy, shared an emotional note on the LinkedIn platform, reminiscing about the company’s journey since 2013. Here is an excerpt from the note
“The journey has been full of rollercoasters, but looking back every minute was fun. Because we were building for the long term, something which will live for 100 years, so these intermediary disruptions didn’t matter.
Today is a big day for all those crazy ones- it is a significant milestone for all of them. It is also a validation of the belief that hardware startups can scale, young engineers can build tech in India. I believe these efforts of all those crazy ones will start a vicious cycle, more engineers will start believing in designing and building in India. All of our supporters wanted to see great products being designed in India more than anything, today is a day for those crazy ones.”
– Swapnil Jain, May 6th, 2025, LinkedIn
The “big day” Swapnil is referring to is Ather Energy’s initial public offer (IPO) listing today.
Ather Energy’s shares opened at a 2% premium to hit a peak of Rs 333, compared to the IPO price of Rs 321, before closing the day in the red with the share price touching Rs 300, down by about 7.7% on NSE.
Having said that, the muted IPO listing does not take away its incredible journey, it is a beacon for hardware and manufacturing-oriented green companies in India.
Change Started had listed Ather Energy in our inaugural edition of 11 Green Startups of the Year 2021.
Started by IIT-Madras college friends Tarun Mehta and Swapnil in 2013, right from its inception, the Bengaluru-based company has been developing in-house intellectual property and investing in research and green innovation.
The company received initial funding and support from the IIT-Madras Incubation Cell, Tiger Global, and Flipkart founders Sachin Bansal and Binny Bansal.
After launching its first electric scooter in 2016, it received funding and strategic investment from Hero MotoCorp, India’s leading two-wheeler manufacturer.
Over the years, Ather has set industry benchmarks for performance, design, and technology with models like the Ather 450x and Ather 450x Pro.
The company has developed the Ather Grid, a network of DC fast-charging stations across multiple cities in India, enabling rapid charging of its scooters. The company also offers home charging solutions to ensure convenient access to charging facilities.
Through its electric two-wheelers, Ather Energy has helped India reduce its dependence on oil and gas, which contributes to lowering emissions and carbon footprints, especially when powered by renewable energy sources.
Coming at a turbulent time in capital markets, the Rs 2,981-crore Ather Energy IPO was subscribed 1.43 times. The initial share sale was priced in the range of Rs 304 to Rs 321 per share.
While the muted IPO listing indicates weak investor interest currently, it does not take away that Ather Energy is growing to play a major role amid environmental concerns and increasing fuel prices.
The EV sector presents a promising way to eliminate tailpipe emissions, reduce air pollution and fight climate change.
In India, two-wheelers serve as an essential and widely accessible mode of transportation, both in urban centres and rural areas.
Beyond urban commuting, electric two-wheelers empower small business owners, farmers, and delivery personnel. As e-commerce grows, the shift to electric two-wheelers is helping make last-mile delivery greener and more sustainable.
Ather Energy is well-positioned to benefit from the growing landscape and also get support from government schemes like PM E-DRIVE, which aim to accelerate EV deployment through subsidies and infrastructure investment.
With the IPO money, the Bengaluru company plans to open its third manufacturing facility in India, boost domestic EV production capacity, and support job creation in the green mobility sector.
It might not be a ‘big day’ in terms of Ather Energy IPO listing gains, but it is an occasion to cherish the green innovation in India. The two-wheeler company can become a key enabler of India’s transition to a cleaner, more sustainable mobility future.
“Over the last 11 years, each milestone felt like the most critical moment ever because it truly was at the time. But today, we pause and realise: the road ahead is even bigger. An IPO isn’t just a celebration. It is a test. Of your business, your team, your vision. It demands proof of what’s already built and belief in what’s coming next. We’re ready for that.“
– Tarun Mehta, May 6th, 2025, X
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