Also in the letter:
■ Luxury car buyers line up to buy electric vehicles
■ Byju’s insolvency matter in SC
■ ETtech Offers Summary
Ather Energy plans to file for Rs 4,000 crore IPO at $2 billion valuation
Tarun Mehta, founder of Ather Energy
Ather Energy, an electric scooter (EV) company backed by Hero MotoCorp It is considering a valuation of between $2 billion and $2.25 billion.or Rs 16,800-19,000 crore, as it kick-starts its initial public offering (IPO), sources told us.
Driving the news: The electric vehicle company is preparing to file its preliminary papers next week and is looking to raise Rs 3,500-4,000 crore through the public issue. The funds raised will be used for capacity expansion.
The company has hired HSBC, JPMorgan, Axis Capital, JM Financial and Nomura to manage the IPO.
Overview: Ather Energy is India’s fourth-largest electric scooter manufacturer by volume, behind Ola Electric, TVS Motor and Bajaj Auto.
Competitors: Ather’s plans come weeks after market leader Ola Electric’s successful IPO, which raised nearly Rs 6,146 crore and reached a valuation of $4 billion. Ola’s shares have since appreciated, taking its valuation to $6 billion.
Ola Electric also recently received certification for the production-linked incentive (PLI) benefits for two more of its vehicles, the firm said Tuesday.
The Economic Times Startup Awards 2024: Jury to select winners on September 11
After months of preparation, the ETtech team brings you the 10th edition of The Economic Times Startup Awards, the most coveted recognition for Indian entrepreneurs. We reveal our grand jury and nominated for two categories.
Who’s on the jury? The high-level jury will meet on September 11 in Bengaluru to select the winners of ETSA 2024.
- Nandan Nilekani, Co-Founder and Chairman of Infosys, Chairman of the Jury
- Mithun Sacheti, Founder of CaratLane
- Nyrika Holkar, CEO, Godrej & Boyce
- Ritesh Arora, Co-Founder and CEO of Browserstack
- Albinder Dhindsa, CEO of Blinkit
- Sumer Juneja, Managing Partner and Head of India and EMEA at SoftBank
- Nikhil Kamath, co-founder of Zerodha
- Nandita Sinha, CEO of Myntra
- Prativa Mohapatra, MD, Adobe India
- Shubman Gill, Indian cricketer
Nilekani said the awards come at a pivotal time for startups as the ecosystem emerges from a difficult few years. “Startups that have grown and thrived have done so by focusing on profitability, being frugal, adhering to high standards of integrity and running marathons,” he said.
The jury will select the winners after lengthy deliberations followed by a secret ballot.
Read also | ET Startup Awards 2024: Jury seeks resilient innovators and impactful business models
Nominees: We’re starting to publish the shortlisted contenders starting today, starting with Bootstrap Champ (entrepreneurs who have created a startup without outside funding) and Top Innovators (those with original ideas).
- Boult’s audio
- Sky Jumper
- percent
- Crew scale
- Guarantors
- Agnit Semiconductors
- Innovations in Voxelgrids
- SatSure Analysis
- Ethereal machines
- BrainSight Artificial Intelligence
Luxury car buyers line up to buy electric vehicles, prompting companies to line up models
Luxury car Buyers are turning to purely electric models at a faster pace compared to mass-market consumers, prompting manufacturers to bolster their electric vehicle lineups.
In numbers: Sales of mass-market electric cars have stagnated after a strong initial performance. Sales fell 10% from a year earlier to 6,335 units in August. Luxury carmakers, by contrast, say they have a healthy order book and are doing everything they can to make the most of strong demand.
Focus on electric vehicle portfolio: Mercedes-Benz recently announced the launch of the EQG, the electrified version of the G Wagon. Although it is a small version, the company has seen the contribution of electric vehicles to its total sales double to 5% in the first six months of 2024 compared to the same period last year.
BMW Group India, which leads the luxury electric car segment, crossed the 2,000-unit sales mark in the first half of 2024. Electric vehicles accounted for 6% of its total sales during the period.
Read also | VCs chase auto parts makers to join EV journey
Driving change: “A lower GST of 5% on EVs compared to 43% for internal combustion engine (ICE) models and road tax exemption for EVs in certain cities has enabled manufacturers like us to price EV models at par or cheaper than ICE models,” said Santosh Iyer, MD & CEO, Mercedes-Benz.
‘Subsidies are no longer necessary’: Road Transport and Highways Minister Nitin Gadkari said on Thursday There is no need to provide subsidies to electric vehicle manufacturers As the cost of production has come down, consumers are now opting for electric vehicles or CNG vehicles.
Read also | Used EV sales fail to take off: Why the EV resale market is lagging
SC agrees to include plea in connection with insolvency proceedings against Byju’s
The Supreme Court on Friday He agreed to be included on the list for an early hearing The appeal of the US creditor Glas Trust Company LLC.
Case details: Glas Trust has appealed to the High Court against a judgment of the NCLAT, which had suspended the insolvency proceedings against the educational technology company and approved its settlement of dues of Rs 158.9 crore with the Board of Control for Cricket in India (BCCI).
Glas Trust was removed from the CoC: The Insolvency Resolution Professional (IRP) of Think & Learn Pvt Ltd, the parent company of Byju’s removed Glas Trust Co from its committee of creditors (CoC). IRP Pankaj Srivastava concluded that it does not represent the minimum 51% of lenders to the consortium that provided a $1.2 billion term loan to Byju’s.
Glas Trust subsequently moved the Bengaluru bench of the NCLT to remove Srivastava as an independent representative. The bench refused on Wednesday.
Get up to speed quickly: Glas Trust Co, which represents a group of US lenders to the education technology company, has accused Byju’s founder Byju Raveendran of diverting more than $500 million of the $1.2 billion they had lent. They had filed a bankruptcy petition against the company’s US subsidiary, Byju’s Alpha, in the United States.
ETtech Deal Roundup: Startup funding surges 52% YoY to $220M this week
Startups raised more than $220 million between August 31 and September 6a growth of 52% compared to the same period last year.
However, this figure represents a 50.2% reduction compared to the $442.8 million of the previous week.
The mobility startup Rapido $200 million round led by WestBridge Capital contributed to over 90% of this week’s funding value.
Today’s ETtech Top 5 newsletter was prepared by Vaibhavi Khanwalkar in Bengaluru and Megha Mishra in Mumbai.
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.