Invesco invested in Indian EV maker Ather ahead of IPO
Ather Energy, a prominent Indian electric scooter manufacturer, has successfully closed a significant funding round led by global investors GIC-managed funds and Invesco, strengthening its position ahead of an anticipated initial public offering (IPO).
Key Details
The funding was secured through a rights issue, raising a substantial INR 2,860 crore, which translates to approximately US$34 million. The round saw participation from its existing investors, with GIC-managed funds (Singapore's sovereign wealth fund) and US asset manager Invesco leading the investment. Other investors, including Caladium Investment (another GIC entity), also took part. This capital infusion is intended to support Ather Energy's ongoing operations, potentially funding expansion initiatives related to product development, manufacturing, and charging infrastructure development.
Implications
This investment from major global financial players like GIC and Invesco signals strong investor confidence in Ather Energy's business model and the growth potential of India's electric vehicle market. Securing this funding through a rights issue allows Ather to raise capital from its current backers, providing a vote of confidence and potentially bolstering its valuation ahead of its planned IPO. For MENA founders and professionals, this highlights the increasing global interest in emerging market EV players and the types of international investors actively participating in pre-IPO rounds, offering insights into capital flow trends relevant to regional startups eyeing similar growth trajectories.
Looking Ahead
The successful closing of this funding round is a crucial step as Ather Energy prepares for its planned initial public offering. While a specific timeline for the IPO was not detailed, this investment provides the company with the necessary financial muscle to continue scaling its operations and market presence ahead of listing, aiming to capitalize on the accelerating adoption of electric mobility in India.
Source: Tech in Asia