IPO-Bound Ather Energy Joins Hands With TATA IIS To Help Build EV Workforce

Electric two wheeler maker Ather Energy has partnered with TATA Indian Institute of Skills (TIIS) to offer specialised training programmes across the EV sector.

The programmes will be designed to equip trainees with technical knowledge in battery systems, electric motors, power electronics, charging infrastructure and vehicle safety, Ather Energy said in a statement.

Besides, these will also offer trainees with practical experience across EV maintenance, repair and diagnostics, apart from soft skills like communication, teamwork and problem solving.

As part of this partnership, Ather Energy will also provide TATA IIS with vehicles, motors, batteries and other hardware equipment to build EV labs across all its facilities, the statement added.

Founded by Tarun Mehta and Swapnil Jain in 2013, Ather Energy is one of the major players in the Indian electric two-wheeler market. Besides manufacturing and servicing electric two wheelers, the startup also operates its own charging infrastructure and is involved in storage, distribution and management of electric power and other ancillary services.

Ather Energy closely competes against Bhavish Aggarwal’s Ola Electric, which at the moment is dominating the EV two-wheeler segment in the country. It is pertinent to note that Ola Electric is also looking to go public and received the market regulator SEBI’s approval last week for its INR 5,500+ Cr IPO.

Meanwhile, TATA IIS is a training institution which offers vocational training facilities to enhance skill development.

“The growing popularity of EVs in India has spurred the demand for a specialized and diversified skill set within the larger automotive sector. To actively bridge this gap, we are delighted to work with Tata IIS in providing a skilling solution for the EV sector by developing training programs for EV technicians and battery specialists” said Jain.

The development comes on the back when it was reported that Ather Energy’s board passed a resolution last week, during its annual general meeting, to convert the startup into a public company from private.

Following this, the startup’s name has changed to Ather Energy Ltd from Ather Energy Pvt Ltd earlier, its regulatory filings revealed.

Besides the conversion into a public entity, the startup is also increasing its authorised share capital to INR 50 Cr from INR 93.6 Lakh. It will also issue bonus shares to its shareholders and allot them 2.96 bonus equity shares for every share held. 

This comes months after it was reported that the electric vehicle (EV) startup roped in HSBC Holdings Plc, Nomura Holdings Inc, and JP Morgan Chase & Co to handle its initial public offering (IPO). Ather Energy was said to be eyeing a listing in the second half of 2024 at a valuation of around $2 Bn.

Earlier this month, Inc42 reported that Ather Energy raised INR 286 Cr through a mix of debt and equity from Stride Ventures and its cofounders. While Stride Ventures invested around INR 200 Cr via debentures, cofounder Tarun Mehta and Swapnil Jain infused INR 43.28 Cr. 

Ather Energy’s net loss surged 150% to INR 864.5 Cr in FY23 as against INR 344.1 Cr in the previous year. Meanwhile, operating revenue jumped 4.3X year-on-year (YoY) to INR 1,783.6 Cr during the year under review.

As per Inc42’s report, the Indian EV market houses various small as well as large EV startups and is estimated to reach $110.74 Bn by 2029. Startups like Ather Energy, Altigreen Propulsion Labs, BluSmart, and Exponent Energy have now come up with sustainable solutions for mobility.