Summary of Ather Energy’s Upcoming IPO Plans and Startup Awards 2024 🚀
Ather Energy, an electric scooter manufacturer backed by Hero MotoCorp, is gearing up to launch an initial public offering (IPO) aiming to raise approximately ₹4,000 crores. This move is accompanied by its planned valuation of $2 to $2.25 billion. As the electric vehicle industry evolves, Ather seeks to capitalize on the favorable market trends. Additionally, The Economic Times Startup Awards 2024 is set to recognize entrepreneurial achievements, with a jury meeting to decide on winners.
Ather Energy’s IPO Strategy 💼
Ather Energy is on track to submit its draft IPO papers next week, targeting a public issue worth ₹4,000 crores. Here’s a deeper insight into its valuation and plans:
- Valuation Goals: Ather aims for a valuation range of $2 billion to $2.25 billion, equating to ₹16,800 to ₹19,000 crores.
- Funding Intent: The proceeds from the IPO will primarily support the company’s expansion of production capabilities.
- Investment Bankers Involved: Several esteemed financial institutions are assisting Ather in this endeavor, including HSBC, JPMorgan, Axis Capital, JM Financial, and Nomura.
Ather’s Market Position and Competitive Landscape 📊
In the Indian electric scooter sector, Ather Energy ranks fourth by volume, following established players such as Ola Electric, TVS Motor, and Bajaj Auto. Its timing comes after Ola Electric’s highly publicized IPO, which raised roughly ₹6,146 crores at a valuation of $4 billion, with its stock price surging since then, thus elevating its value to $6 billion.
In addition, Ola Electric has received approval for production-linked incentive (PLI) benefits for two of its new vehicle designs, adding momentum to its growth trajectory.
The Economic Times Startup Awards 2024 🌟
The tenth iteration of The Economic Times Startup Awards is fast approaching, celebrating excellence in Indian entrepreneurship. The event is marked by a series of carefully considered nominations and a prestigious jury, set to convene on September 11 in Bengaluru to determine this year’s winners.
Esteemed Jury Panel 👩⚖️
The accomplished jury consists of notable figures from various industries, including:
- Nandan Nilekani, Co-founder of Infosys, serving as jury chairperson.
- Mithun Sacheti, Founder of CaratLane.
- Nyrika Holkar, Executive Director at Godrej & Boyce.
- Ritesh Arora, Co-founder and CEO of Browserstack.
- Albinder Dhindsa, CEO of Blinkit.
- Sumer Juneja, Managing Partner at SoftBank.
- Nikhil Kamath, Co-founder of Zerodha.
- Nandita Sinha, CEO of Myntra.
- Prativa Mohapatra, Managing Director at Adobe India.
- Shubman Gill, Indian cricketer.
Nilekani remarked that this is a pivotal moment for startups as they emerge from challenging times. He emphasized that successful startups have thrived by focusing on sustainability, maintaining integrity, and adhering to a long-term perspective.
Nominees and Categories 🏆
From this week, The Economic Times has begun unveiling the shortlisted nominees. Categories include:
- Bootstrap Champ: Recognizing entrepreneurs who have built businesses without external support.
- Boult Audio
- SkyJumper
- Suta
- Crewscale
- Fyers
- Top Innovator: Celebrating those with groundbreaking ideas.
- Agnit Semiconductors
- Voxelgrids Innovations
- SatSure Analytics
- Ethereal Machines
- BrainsightAI
Startup Funding Trends 📈
Recent data reveals that startups have raised over $220 million in the past week, marking a 52% increase compared to the same period last year. This funding surge is, however, a decline of over 50% compared to the previous week’s total.
Notably, a significant contribution to this week’s funding came from mobility startup Rapido, which secured a $200 million round led by WestBridge Capital, accounting for over 90% of the funding for the week.
Shifts in Luxury Car Preferences ⚡
Luxury vehicle buyers are increasingly opting for electric models, contrasted with a slow uptake among mass-market consumers. Instances include:
- Sluggish Sales in Mass Market: Sales of mass-market electric vehicles have dropped by 10% compared to last year, totaling 6,335 units in August.
- Luxury Market Resilience: Luxury automakers report a thriving order book, responding to high demand by expanding their EV offerings. Mercedes-Benz announced its EQG launch, enhancing its EV sales, which have doubled over the past year.
Furthermore, a change in tax structure, with lower GST rates on EVs compared to traditional fuel vehicles, supports manufacturers in pricing their electric offers competitively.
Conclusion on Ather Energy’s Future and Rising Trends 🌍
Ather Energy’s IPO filing signals a progressive step for the company while illustrating the vigor in the electric vehicle industry. Meanwhile, the upcoming ET Startup Awards highlights the resilience and innovation emerging within the entrepreneurial landscape, acknowledging startups that thrive amid challenges.
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