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The
Journey Behind
Ather's IPO
Ather Energy’s IPO
The journey was not easy for Tarun Mehta & Swapnil Jain
IIT-M grads - called back by their professor with just one message:
“Leave your jobs. We’ll take care of everything”.
For 6 months, they camped in their engineering department & realised there is a company in the making. But as any veteran founder will tell you, building a company ain’t that easy. It took Ather 6 years (and 55+ prototypes) to build a production-ready EV
Why?
Because building an EV company in India is not just a tech problem
It is:
- A supply chain problem
- A hardware problem
- A capital problem
- A timing problem
Here’s what slowed them down:
• Making one EV is easy - Manufacturing thousands is not
• They built batteries & systems in-house
• That slowed them, but gave full control
• Fundraising was always uncertain
• Policy shifts like FAME 2 delayed growth
Here’s the part that separates Ather from the rest:
- Even with raising over $500M
- Even while losing over ₹1,000Cr in FY24
- Even with cumulative losses over ₹3,000Cr since inception
- Even when revenue dipped year-on-year
Investors still backed them
Hero MotoCorp, GIC, Stride, Tiger Global, and others. Kept writing cheques, round after round
Why?
Because at times:
- Belief beats balance sheets
- Teams are just inevitable
Tomorrow, Ather Energy will be a public company
This IPO is not just a milestone, It’s a case study in resilience. Because the best founders don’t just build products.They build markets
