In 2013, Tarun Mehta and Swapnil Jain, two 22-year-old IIT Madras alumni, huddled in a garage at the institute’s Research Park, tinkering with lithium-ion batteries and dreaming of ditching India’s petrol dependency. Frustrated by clunky two-wheelers, they bootstrapped Ather Energy with ₹5 crore angel funds, prototyping the S340 scooter amid power cuts and prototype crashes. “EVs for India’s real roads—chaotic, potholed, passionate,” Tarun Mehta, CEO, quipped in a 2024 StartupTalky interview. From those sparks, Ather roared to life, now a ₹15,000 crore ($1.8 billion) unicorn, with 5 lakh scooters sold, 200+ experience centers, and an IPO-fueled charge toward India’s $50 billion EV mobility wave.
Tarun, born in Chennai, earned a BTech in Engineering Design (2012 batch), interning at General Motors before co-founding Ather. Swapnil, his MTech counterpart, brought tech prowess from BHEL stints. Their synergy—Tarun’s vision, Swapnil’s execution—birthed a smart scooter with over-the-air updates, fast-charging grids, and app integrations. Early betas in 2018 tested the Ather 450 in Bengaluru’s traffic, gathering 1,000 km data daily. “We failed fast to ride smart,” Swapnil shared in a 2019 Fortune India profile.
The 2019 Hero MotoCorp partnership unlocked ₹100 crore, scaling production in Hosur, Tamil Nadu. COVID-19 tested mettle: deliveries halted, but virtual launches of the 450X (2020) with 7-second 0-40 kmph acceleration ignited demand. By 2022, Ather’s Grid—500+ chargers—dotted cities, boosting uptime 90%. Expansion hit Whitefield, Bangalore, and Tier-2 towns like Indore via Rizta family scooters (launched 2023). Today, Ather’s portfolio spans 450X, 450 Plus, and Rizta, with 45,000+ SKUs in apparel and accessories.
Funding supercharged the surge: $450 million over rounds, including Hero’s ₹300 crore (2023) at $1 billion valuation. May 2025’s $500 million Series F from Prosus and Tiger Global rocketed to ₹15,000 crore, valuing at 7-8x revenue multiples. Founders’ stakes: Tarun and Swapnil each hold ~10%, eyeing 15.2x returns via OFS. FY25 (Apr-Dec 2024) revenue: ₹1,579 crore, up 28% YoY from ₹1,230 crore, with Q1 FY25 at ₹523 crore (63% growth). Full FY25 projections: ₹2,500 crore, EBITDA positive at 5-7% via cost tweaks. Employee count: 3,000, with 200,000 gig jobs from charging ops.
| Fiscal Year | Revenue (₹ Cr) | Units Sold | Key Milestone |
|---|---|---|---|
| FY22 | 416 | 25,000 | Hero tie-up |
| FY23 | 1,001 | 1,00,000 | $1B valuation |
| FY24 | 1,230 | 1,50,000 | Rizta launch |
| FY25 (Proj) | 2,500 | 2,50,000 | IPO prep |
Source: Company filings via Inc42.
April 2025’s DRHP filing earmarks a ₹2,980 crore IPO—₹1,400 crore fresh for capacity, OFS for founders (9.8 lakh shares each at ₹304-321 band)—targeting mid-2026 listing at ₹12,000-15,000 crore valuation. Backed by Kotak and JPMorgan, it funds 10 GW battery plants and exports to Southeast Asia. Tarun and Swapnil’s salaries: ₹2.78 crore each FY25, with flex for hikes. Competitors like Ola (44% share) loom, but Ather’s premium positioning (15% market) and 30% margins shine.
Ather employs 3,000, sources 80% locally, cutting 1 million tons CO2 yearly. The duo’s accolades—Forbes 30 Under 30 (2018), Fortune 40 Under 40 (2017-19)—underscore grit. “We’re not selling scooters; we’re sparking a revolution,” Tarun affirmed. From garage gambles to street speed, Ather’s ₹15,000 crore ride electrifies India’s roads, one zap at a time.
Last Updated on Thursday, October 23, 2025 3:22 pm by The Entrepreneur India Team
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