Unicorns

E-scooter maker Ather Energy rides into unicorn club ahead of IPO

The Indian co raised $71m from NIIF at a valuation of $1.3b. 

Analysis

Despite rush for local cell manufacturing, cheaper EVs remain a distant dream in India

Everyone from deep-pocketed players to new entrants has announced plans to build li-ion cell factories in India.

Venture Capital

EV maker Ather Energy raises $66m from existing backer Hero MotoCorp

Ather has raised $341 million over the years from investors including Tiger Global.

Venture Capital

Exponent Energy raises funds from Pawan Munjal’s family office, partners EV maker Altigreen

With the funding, Exponent plans to set up a rapid EV charging network in Bengaluru in FY23.

IPOs & Markets

Indian promoters raise stakes in auto firms as equities crash

Hero MotoCorp, Bajaj Auto and Tata Motors have stepped up open market purchases of equity shares and other financial instruments in the past few weeks

Venture Capital

India: Hero MotoCorp’s Pawan Munjal in talks to invest in Ola Electric

Munjal has been discussing the potential investment over the last few months with Arun Sarin as well as the senior management of Ola Electric.

Deals

India: Hero MotoCorp-backed Ather Energy looks to raise up to $43m

Deals

Scooter rental startup Vogo raises Series A funding from Ola, Hero MotoCorp

Existing investors Matrix Partners India, Stellaris Venture and angel investors also participated in the funding round.

Deals

India’s Hero MotoCorp raises stake in Colombia JV to 68%

The stake held by partner Woven Holdings LLC has declined to 32%.

Deals

India: TVS acquires 15% stake in electric two-wheeler startup Ultraviolette

TVS is the second two-wheeler manufacturer after Hero MotoCorp Ltd to acquire a stake in an EV technology startup.