Electric two-wheeler maker Ather Energy has appointed Kaushik Dutta, the chairman of Zomato as its independent director, ahead of the firm’s plans to go for an initial public offering (IPO), showed documents sourced from the Ministry of Corporate Affairs (MCA).
Dutta is the chairman and an independent director of Zomato and is also on the board of fintech firm BharatPe. He is also the co-founder of the Thought Arbitrage Research Institute (TARI).
Dutta has worked closely with the Indian Institute of Corporate Affairs (IICA) of the Ministry of Corporate Affairs as an expert on corporate governance.
The announcement comes at a time when Ather is looking to tap the public market by 2025. The firm has picked HSBC Holdings Plc, Nomura Holdings Inc. and JPMorgan Chase & Co. to help arrange its initial public offering.
Founded in 2013 by IIT Madras graduates Tarun Mehta and Swapnil Jain, Ather Energy has till date sold over 1.73 lakh electric scooters and is backed by HeroMoto Corp, Tiger Global and GIC.
Ather is among the top four electric scooter manufacturers in India along with Ola Electric, TVS and Bajaj Auto. Ather Energy clocked a consolidated revenue of Rs 1,753 crore in the financial year 2024, which was 1.7 percent lower year-on-year (YoY).
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