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  • To Expand its Pop Culture Merchandise Offerings, The Souled Store Acquires Redwolf

    In an effort to solidify its position as the industry leader in pop culture items, D2C fashion company The Souled Store has announced the purchase of clothing brand Redwolf. The startup did not, however, reveal the deal’s financial details.

    The goal of the acquisition is to leverage Redwolf’s knowledge of fan merchandise to improve the startup’s goods and services. Ameya Thakur, Rahul Jaisheel, and Vivek Malhotra founded Redwolf, a clothing company that creates and produces graphic t-shirts and other accessories, in 2011.

    The Mumbai-based company claims to have rights for Game of Thrones, Marvel, Disney, Star Wars, Rick & Morty, Peanuts, Breaking Bad, and other properties. Its designs are primarily influenced by popular culture. The founders will now become part of the leadership team of The Souled Store.

    Acquisition to Enhance The Souled Store’s Product Offerings

    According to a statement from The Souled Store, the acquisition will enable the company to further expand its line of creative products. The next obvious step in achieving Redwolf’s goal of providing the greatest pop culture items to the Indian market, according to Malhotra, was the company’s merger with The Souled Store.

     Every one of Redwolf’s three founders is an avid fan of pop culture and is eager to use The Souled Store’s scale to grow the company. Originally founded in 2013 as a branded product apparel brand by Vedang Patel, Rohin Samtaney, Aditya Sharma, and Harsh Lal, The Souled Store later evolved into its present D2C casual wear brand form.

    Additionally, it sells items like socks, shoes, trainers and backpacks to clients of all ages. According to Patel, the acquisition will support the company’s goal of becoming India’s “Home of Pop Culture”. The company is eager to work with Redwolf’s founders to develop this common goal.

    The Souled Store runs about 40 locations in India and has over 200 licenses, including One Piece, Naruto, and Marvel.

    Financial Outlook of The Souled Store

    Financially speaking, the firm became profitable in the fiscal year that concluded in March 2024 (FY24) thanks to a robust increase in its top line and improved margins. Compared to a loss of INR 16.5 Cr in FY23, The Souled Store reported a net profit of INR 18.2 Cr in FY24.

    From INR 233.5 Cr in FY23 to INR 360.2 Cr, its operating revenue increased 54.26%. Membership fees brought in INR 5.2 Cr, with product sales accounting for the remaining revenue. The development coincides with a decline in merger and acquisition (M&A) activity in the Indian startup ecosystem last year.

    Only 71 of these transactions were noted in 2024, according to Inc42’s research. However, as more and more listed businesses flex their cash, it is anticipated that startup M&As might increase by 58% in 2025. The industries with the highest likelihood of M&A activity include fintech, edtech, e-commerce, AI, and consumer services.

  • Infosys Fires 195 Additional Trainees at its Campus in Mysuru

    According to business emails dated April 29, Infosys has fired an additional 195 trainees out of a total of 680 due to internal assessment failures. Since February, the number of impacted trainees has increased to almost 800.

    This is the fourth round of exits at the Bengaluru-based software behemoth. About 150 of the affected individuals have signed up for outplacement services, while about 250 have enrolled in upskilling programmes offered by NIIT and UpGrad.

    Infosys has partnered with NIIT for IT training and UpGrad for BPM training. More than 300 trainees were laid off under similar conditions in February, followed by 30 to 35 in March, while the second-largest IT services company in India laid off roughly 240 on April 18. Through NIIT and UpGrad, Infosys is providing free upskilling classes to those who are impacted.

    Revenue Growth Just 0 to 3% this Fiscal

    The layoffs occur while Infosys manages a low level of demand. For the upcoming fiscal year, the company has projected revenue growth of only 0% to 3%, highlighting the ongoing unpredictability in its primary markets.

     Despite the extra preparation time, doubt-clearing sessions, many mock assessments, and three attempts, trainees have not met the qualifying criteria in the “Generic foundation training programme”, according to the findings of trainees’ final assessment attempt.

     The email that was sent on April 29 said, “As a result, you will not be able to continue your journey for the apprenticeship programme,” which was similar to the communication that was received earlier in the month.

    The impacted trainees, who were onboarded after a delay of more than 2.5 years, are being offered other career paths by the software company, including 12 weeks of training for possible roles in Infosys Business Process Management (BPM). Furthermore, Infosys announced that it will pay for the training of anybody who chooses to enrol in the BPM course.

    Perks Offered to Exiting Trainees

    For the impacted trainees, the company is also providing a letter of release and a one-month ex gratia payment. The company will provide transportation from Mysuru to Bangalore and a normal travel stipend to their hometown for those who choose not to pursue a career in BPM.

    Trainees can stay at the Employee Care Centre in Mysore till the day of their departure if necessary.

    Clearance from Karnataka Labour Department

    Based on the documentation gathered, the Karnataka Labour Department cleared Infosys on February 27 of any labour law infractions pertaining to trainees’ departure. They were all merely trainees, according to a media report that cited a source, and some of them had three months of training.

    Since this cannot be considered a layoff, these labour laws do not apply. Only when there is regular employment does a layoff apply. An employer-employee relationship does not exist. They weren’t workers; they were all apprentice trainees.

    Following rumours of trainee layoffs, representatives from Karnataka’s Labour Department previously visited Infosys’ campuses in Bengaluru and Mysuru to evaluate the situation.

    Prior to this, the Union Labour Ministry sent a letter instructing the Karnataka Labour Commissioner and Labour Secretary to look into the situation and take immediate measures to settle the conflict.

  • Axis Bank Disregards 100 Senior Staff Layoffs, Calls it a Regular Practice

    According to a media outlet, Axis Bank has confirmed that certain workers were asked to leave because of performance-related concerns, stating that this was a normal evaluation procedure for the institution.

     The lender in the private sector was responding to news that over 100 top staff members had been asked to resign. According to Amitabh Chaudhry, MD of Axis Bank, the bank does a thorough review cycle at the conclusion of every fiscal year, just like any other organisation.

    A Regular Practice in Banking Sector: Chaudhry

    During the release of the bank’s Q4 results, Chaudhry stated that while many staff receive rewards and promotions, some may perform poorly, which could result in challenging discussions.

    The banking sector have a variety of difficulties; some companies are doing well, while others are struggling. The bank still makes significant investments in various sectors, although withdrawals are occasionally unavoidable based on individual performance. This is a typical occurrence in our yearly cycle.

    Axis Bank’s fiscal fourth quarter earnings report, which was announced on April 24, showed a profit of INR 7,117 crore, up from INR 7,130 crore in the same quarter of FY24.

    The slower growth in other income had an effect on this. From INR 13,089 crore in the same time last year to INR 13,811 crore in Q4, net interest income increased by 6%.

    Axis Bank has announced a final dividend of 50%, or INR 1 per share at a face value of INR 2, in addition to releasing its financial results for the January–March 2025 period.

    According to the bank, this would need shareholder approval at the upcoming annual general meeting. Axis Bank has set July 4 as the record date to decide who will be entitled to collect the INR 1 dividend per share.

    Layoff has Become a Common Scenario in 2025

    With big companies like Google, Microsoft, and others continuing to reduce their workforces, layoffs in the tech sector are not expected to halt in 2025.

    Companies are still cutting employees in an effort to simplify operations, save money, and emphasise automation and artificial intelligence, even though these figures are much lower than the major layoffs that occurred between 2022 and 2023.

    Layoffs.fyi, a website that tracks layoffs in the industry, reports that 93 organisations have laid off nearly 23,500 tech workers so far this year, and the number is still growing. Google and Microsoft are apparently contemplating a new round of layoffs, according to the most recent job reduction reports.

    According to reports, AI-led restructuring and performance-based terminations are part of the corporations’ goals to increase the effectiveness of their personnel.

  • VerSe Innovation, Parent Company of Dailyhunt, Being Investigated for Audit Findings

    Umang Bedi, a cofounder of VerSe Innovation, informed a media outlet that the company’s financials are accurate and fair, and the report is clean. Although Deloitte found that the company’s controls were inadequate, it has been established that these shortcomings do not affect the consolidated financial statements of the business.

    VerSe Innovation, the parent company of DailyHunt and Josh, is situated in Bengaluru. In its audit report for the fiscal year that ended in March 2024 (FY24), Deloitte found flaws in its internal financial controls.

    Numerous weaknesses in VerSe Innovation’s internal procedures, such as supplier selection, expense provision, revenue recognition, virtual asset handling, and IT systems control, were brought to light by the audit. It is noteworthy that the company’s operational revenue for FY24 decreased 8.8% from INR 1,046.8 Cr to INR 954.7 Cr.

    During the same year, their net loss decreased by over 56% to INR 814.8 Cr from INR 1,878.4 Cr in FY23. Additionally, according to Bedi, the loss was cut in half in FY25. (FY25 assertions from Dailyhunt will be discussed later.)

    What Deloitte’s Findings State?

    Deloitte, VerSe Innovation’s auditor, claimed in its report that the business lacked adequate controls over vendor selection, purchase order approval, and payment processing. Deloitte claims that this may result in overpayments, incorrect payments, or even fraud.

     For example, one vendor provided specific invoice numbers associated with INR 35 Cr when the auditor requested confirmation of all outstanding payments as of March 31, 2024. VerSe Innovation discovered, however, that it had never received the aforementioned bills when it examined its internal records. VerSe Innovation claims that the invoice numbers seemed to be from FY22 rather than the fiscal year that was being examined.

    This was not an isolated problem. The company’s controls over the purchase, sale, and management of virtual assets were deemed inadequate by the auditor. This raised the possibility of asset theft or even revenue misreporting.

    Notably, the business runs and maintains mobile platforms that allow users to engage with live streamers in real time and view live-streamed material from the streamers. Such content is sold under the category of virtual assets.

     Additionally, the auditor stated that VerSe’s approach to documenting all costs before the end of the fiscal year was inadequate, potentially leading to inaccuracies in the costs that were reported.

    VerSe Innovation’s controls for capturing advertising revenues were deemed ineffective by Deloitte. Some campaigns ran the danger of inaccurate revenue reporting because they were not adequately documented with client permissions.

    Playing with the Rules

    The auditor added that VerSe Innovation had trouble appropriately implementing revenue recognition rules under Indian accounting standards. It is because of the complexity of its company, which included serving as an aggregator across numerous partners, publishers, and ad platforms.

     In addition to the news aggregator Dailyhunt and the short video platform, VerSe Innovation also runs Valueleaf, a digital marketing solutions company, and Magzter, a news subscription platform.

    VerSe Innovation acknowledged the problems the auditor had found and stated that it was strengthening internal controls through IT access policies, process workshops, and new documentation frameworks.

  • Canara HSBC Life Insurance Sets Stage for IPO with SEBI DRHP Filing

    Canara HSBC Life Insurance Company Limited, a prominent bank-led private player in the Indian life insurance sector, has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an Initial Public Offering (IPO).

    Canara Bank and HSBC Insurance (Asia-Pacific) Holdings Limited are the promoters of the company.

    The offer comprises of an Offer for sale of up to 237,500,000 Equity Shares of face value of INR 10 each, (The “Offer for Sale”) including up to 137,750,000 equity shares by Canara Bank (“Promoter Selling Shareholder”); up to 4,750,000 equity shares by HSBC Insurance (Asia-Pacific) Holdings Limited (“Promoter Selling Shareholder”); and up to 95,000,000 equity shares by Punjab National Bank (“Investor Selling Shareholder”).

    Canara HSBC Life Insurance Company Limited is a private life insurer in India and is promoted by Canara Bank (which ranks as the fourth largest public sector bank by total assets in India as at December 31, 2024. (Source: CRISIL Report)) and HSBC Insurance (Asia-Pacific) Holdings Limited, a member of The Hongkong and Shanghai Banking Corporation Limited (“HSBC”) group, whose global reputation as a financial institution adds credibility and brand value to the company. ss) The company had the third highest assets under management (“AUM”) amongst public sector promoted led life insurers, as at March 31, 2024 (Source: CRISIL Report) and ranks amongst the top five bank-led life insurers in India based on the number of lives covered for Fiscal 2024. (Source: CRISIL Report)

    Incorporated in 2007, Canara HSBC Life Insurance Company Limited has grown into a prominent bank-led private player in the Indian life insurance sector as it ranks second amongst public sector bank-led life insurers in India based on the number of lives covered for Fiscal 2024. (Source: CRISIL Report). The Annualised Premium Equivalent (“APE”) of the Company has consistently grown, reflecting efforts to expand products and services and increase market presence. The profit after tax of the Company has increased at a CAGR of 232.61% from INR 102.43 million in Fiscal 2022 to INR 1,133.17 million in Fiscal 2024, and was INR 848.93 million in the nine months ended December 31, 2024

    The equity shares are proposed to be listed on the stock exchanges being BSE Limited (the “BSE”) and National Stock Exchange of India Limited (the “NSE”, and together with the BSE, the “Stock Exchanges”). 

    SBI Capital Markets Limited, BNP Paribas, HSBC Securities & Capital Markets (India) Private Limited, JM Financial Limited and Motilal Oswal Investment Advisors Limited are the Book Running Lead Managers to the issue.

  • Franklin Templeton Alternative Investments Announces First Close of INR 205 Crore for Franklin India Credit AIF – Scheme I

    Franklin Templeton Category II Alternative Investment Fund Trust, a Category II Alternative Investment Fund (AIF) is managed by Franklin Templeton Alternative Investments (India) Pvt. Ltd. Franklin India Credit AIF – Scheme I, the first scheme under the above license has been established in accordance with Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 read with circulars thereunder.

    Franklin India Credit AIF – Scheme I achieved its first close on April 28, 2025, raising over INR 205 crore. The Fund has a target corpus of INR 1,000 crore and is designed to invest in debt securities—both primary issuances and secondary market purchases—of portfolio companies in India.

    Franklin India Credit AIF – Scheme I will primarily seek to invest in secured instruments of portfolio companies, including a mix of debt, mezzanine instruments, pass-through certificates, and market-linked debentures. The Fund is expected to have significant exposure to the financial services sector, including non-banking finance companies (NBFCs) and housing finance companies (HFCs). 

    The portfolio management team at Franklin Templeton Alternative Investments (India) Pvt. Ltd. is led by Santosh Kamath, CIO and President, and Arun Gupta, Head of Investments.

    About Franklin Templeton Alternatives

    With more than 40 years of experience in alternatives and nearly 400 alternative investment professionals around the world, Franklin Templeton is one of the largest managers of alternative assets globally. The firm’s specialist investment managers, each with deep domain expertise, provide a diverse range of alternative asset capabilities including private equity secondaries and co-investment funds (Lexington Partners), private credit (Benefit Street Partners and Alcentra), real estate (Clarion Partners), as well as hedged strategies, venture capital and digital assets. Franklin Templeton manages over US$ 250 billion in alternative assets as of 31 March 2025.

    About Franklin Templeton 

    Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in equity, fixed income, alternatives and multi-asset solutions. With more than 1,500 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and US$1.53 trillion in assets under management as of March 31, 2025.,

  • Delhi Police Files a Formal Complaint Against Vivek Tiwari, Co-founder, Medikabazaar

    Vivek Tiwari, the former cofounder of Medikabazaar, a B2B medical supply chain firm, has been the subject of a first information report (FIR) filed by Delhi Police’s Economic Offences Wing (EOW). The EOW has accused Tiwari of criminal breach of trust, cheating, forgery, and account falsification, according to a media report.

    According to the story, which cited sources, the fired CEO was summoned twice but did not show up before the EOW. Thus, a formal complaint was filed. According to the FIR, Tiwari and others engaged in a “well-planned and deep-rooted criminal conspiracy” to allegedly embezzle over INR 100 Cr through contract violations, record falsification, and cheating.

    In response to a question regarding the development, Tiwari stated that he is steadfast in his determination to protect his rights by legal methods.

    He has cooperated with judicial authorities and will continue to do so, presenting all pertinent evidence to the Hon’ble Courts, where he is certain that a fair and unbiased decision will be made. The new acts taken against him, he continued, are “retaliatory and a counterblast.”

    Tiwari’s Allegations Against Medikabazaar’s Board

    Tiwari claimed that while settlement talks were taking place in the Delhi High Court (HC), Medikabazaar’s board submitted the complaint to the EOW.

    “With full knowledge that I (Tiwari) was scheduled to travel to China from April 7, 2025,” he added, the board of the corporation filed the complaint against him on April 11, 2025.

    This almost immediately follows the removal of Tiwari from Medikabazaar’s board earlier this month due to accusations of fraud, poor governance, and financial mismanagement. This came after the business fired him as CEO last year and appointed Dinesh Lodha in his place.

    Medikabazaar’s Saga

    Last year, an anonymous whistleblower complaint claimed that Tiwari, then-newly hired CFO Raman Chawla, and 15 other workers were involved in financial irregularities at the firm, which sparked the Medikabazaar scandal.

    The board of the startup then hired a third-party investigator to look into the complaint. However, auditor PwC had already indicated that Medikabazaar had overstated its gross merchandise value by at least 60% prior to the report’s submission.

    This was due to the fact that the same medical products were sold through multiple entities, which unduly inflated the startup’s business metrics. Tiwari filed a complaint against the startup and a few of its investors with the Delhi High Court after being removed.

    The creator has accused Medikabazaar’s investors, HealthQuad, Creaegis, and Ackermans & van Haaren, of planning to illegally deprive him of his position and promoter rights in a petition submitted to the HC. April 30, 2025, is the date of the case’s next hearing.

  • Following Automaker Requests, Trump to Grant Exemption from Auto Tariffs

    The auto sector is pushing for amendments that would remove tariffs on foreign parts used in domestically produced vehicles; thus, President Trump is making progress towards easing the impact of his tariffs.

    In an attempt to avoid numerous charges piling on top of one another, a White House official announced on April 28 that imported cars would also be exempt from separate tariffs on steel and aluminium.

    In a statement sent by email, Commerce Secretary Howard Lutnick noted that this agreement, which rewards domestic manufacturers, is a significant win for the president’s trade policies. Additionally, it gives corporations who have stated their intention to increase their domestic manufacturing and invest in America a runway.

    Trump Administration Completing 100 Days

    The requested changes are being proposed as Trump prepares to visit Michigan to commemorate the first 100 days of his second term in the White House. According to a report, a proclamation putting the adjustments into effect may be signed as early as 29 April, before Trump’s scheduled speech in Macomb County.

    This county is a centre for auto manufacturing and a stronghold of blue-collar people that Trump claims his tariffs are intended to support. Additionally, the change would be the most recent development in Trump’s constantly shifting trade policy, which began earlier this month when he decided to halt increasing tariffs on dozens of trading partners in order to facilitate negotiations.

     The anticipated adjustments occur shortly before the 25% tariffs on foreign vehicle parts go into force on May 3.

    Based on the value of their US car manufacturing, manufacturers would be eligible to get a partial reimbursement for tariffs on imported auto parts under the proposed adjustments, the official said. With a phase-out intended to encourage automakers to move more of their supply chain into the US while also providing them time to adjust, the scope of those reimbursements would gradually decrease.

    Players Welcoming the Move

    A close-knit North American supply chain might be disrupted by Trump’s tariffs, so automakers, dealers, and component suppliers had begged for some reprieve. In a statement, Jim Farley, the CEO of Ford Motor Company, said that Ford is pleased with President Trump’s decisions.

    This will lessen the negative effects of tariffs on suppliers, customers, and automakers. Ford and the administration will keep collaborating closely to promote the president’s vision for a robust and expanding American car industry.

    “GM feels the president’s leadership is helping level the playing field for companies like GM and allowing us to invest even more in the US economy,” said Mary Barra, CEO of General Motors Co., in a statement.

    In a letter to the government last week, industry associations warned that tariffs on imported auto parts could increase the cost of US manufacturing plants, endangering attempts to boost local vehicle production.

  • Mahindra’s SML Isuzu Buy Signals Ambitious Push in Commercial Vehicles

    India’s commercial vehicle space is undergoing a giant upheaval. Mahindra & Mahindra took a firm step in this very direction when it acquired a 58.96% stake in SML Isuzu, for INR 555 crore, at INR 650 per share. This not only brings Mahindra up to the fourth position in the segment for trucks and buses over 3.5 tonnes, where it had only 3% market share before, but it gives the company a slightly better foothold in a very uncertain market. The company now sits with 10–12% market share in an overall segment that, frankly, doesn’t even seem to grow much right now.

    The acquisition fits like a glove with Mahindra & Mahindra’s long-term plans to significantly scale its operations over the next decade. That share moves up to 21% when you include the combined share of Mahindra’s group companies in this sector. Such a consolidation gives the company a distinctly stronger competitive status in the market.

    Fast-Tracking Entry into Electric Mobility

    One of the most impressive features of the arrangement is Mahindra’s rapid entree into the electric bus sector, a market that is picking up speed as masses of people are transported in urban environments and those systems look for sustainable options. The existing work SML Isuzu has done in electric vehicle technology provides Mahindra with a jump-off point to expand its electric commercial vehicle offerings.

    Mahindra’s auto and farm business is overseen by Rajesh Jejurikar. He emphasized opportunities for synergy across platforms, components, and supply chains. The two brands will keep operating independently for now, he said, the integration behind the scenes will aim to optimize cost efficiencies and technological collaboration.

    Deal Structure and Strategic Intent

    The acquisition includes the purchase of stakes held by Japan’s Sumitomo Corporation and Isuzu Motors, which together account for the 58.96% majority. In line with Indian regulations, Mahindra will also make a mandatory open offer to public shareholders for up to 26% more. The offer price may be significantly lower than SML Isuzu’s recent market valuation, it shows Mahindra’s confidence in the long-term strategic value of the deal as compared to short-term financial metrics.

    The investment is in line with the Mahindra Group’s capital allocation strategy – a clear tactic which targets high-growth areas where strong operational performance is often noticed. Mahindra CEO Anish Shah has repeatedly emphasized the group’s goal to achieve 5x growth in segments that are part of the emerging business. One of those segments is commercial vehicles, which electrification makes a far more promising business than it was just a few years ago.

    Even though Mahindra has dismissed the idea of an immediate merger of its truck and bus division and SML Isuzu, it seems that the roadmap leads to deeper operational harmony in the future. As for the decision to maintain SML Isuzu’s Swaraj Mazda branding, it comes across as measured approach. It is one thing to ultimately achieve operational entity harmony, it is quite another to do so while maintaining the market identities necessary to retain customer loyalty.

  • Ather Energy’s IPO Sees Cautious Start Amid High Hopes

    Ather Energy’s highly awaited initial public offering opened with a comparatively tepid response, achieving just over 12% overall subscription on day one. Retail investors were the main driver behind that early subscription lift, with their category achieving 46% subscription by the end of the first day. Meanwhile, non-institutional investors managed to reach an overall subscription level of 14%. The offering itself has an overall target size of nearly INR 3,000 crore and is open for bidding until April 30. Shares are being offered at a price between INR 304 and INR 321. Even with this lackluster lead-in, most observers say that this kind of early first-day subscription performance is not unusual for offers that are debuting in this kind of cautious market environment.

    The initial public offering (IPO), comprising a fresh issue of INR 2,626 crore and an offer-for-sale worth INR 355 crore, is the first big mainboard listing of FY26. It will test the waters of investor sentiment for the emerging Indian electric vehicle sector when it lists on May 6.

    Valuation Reflects Adjusted Expectations

    Ather’s valuation at the high end of its price band comes to around USD 1.4 billion, nearly 44% lower than the earlier figure they were shooting for. The company seems to be taking a more realistic approach these days, thanks to all the craziness in the global and domestic equity markets. In any case, analysts looking at the offering found Ather’s valuation to be reasonable, in light of its growth rate and an EV/sales multiple of 8x, based on a nine-month FY25 revenue estimate of INR 1,579 crore.

    Experts in finance from Arihant Capital have recommended adopting a ‘subscribe for listing gains’ stance, which shows their level of confidence in Ather’s strategic positioning and future earnings potential. Trading in the grey market shows a barely-there premium, under 1%. Yet that has not significantly reduced the level of confidence that institutions have in Ather.

    Solid Anchor Support Bolsters Confidence

    Before the opening of the IPO, Ather Energy received INR 1,340 crore from a list of prominent anchor investors. Included in this list are several heavyweights, such as SBI Mutual Fund, Franklin Templeton, and the Abu Dhabi Investment Authority. Seen as a vital confidence booster for retail and institutional investors considering a longer-term investment in the electric mobility sector, this anchor book is one that several individuals in the investment community are keeping an eye on.

    The company plans to use the new capital to drive its next stage of growth. It aims to do things like establish a manufacturing plant in Maharashtra and pay back loans it has taken. It also intends to do quite a lot of work in research and development in marketing and other corporate endeavors.

    Early Backers Set to Reap Rewards

    Ather’s IPO is also set to bring notable gains for its early investors. IIT Madras, through its incubation arms, holds about 15.58 lakh shares in the company and is expected to realize around INR 50 crore from the sale. This windfall reflects the long-term vision of Ather’s early supporters and the successful maturation of one of India’s prominent electric two-wheeler brands.

    Ather Energy is in a prime position to take advantage of the rapidly changing electric vehicle market in India. It has benefited from an early-mover advantage. Its recent introduction of a premium product, the Ather Rizta, promises to grow its already substantial product suite. Ather’s seemingly unquenchable thirst for in-house research and development has additionally equipped it very well for future success.