Electric two-wheeler maker, Ather Energy, listed on the bourses on earlier in May, but its IPO was subscribed just 1.4X—a modest showing for a company once seen as a premium EV pioneer. The lukewarm response reflected investor fatigue, sparked by Ola Electric’s volatile stock performance, the Blusmart funding controversy, and global supply chain headwinds. Despite a strong product portfolio and a reputation for in-house innovation, Ather faces an increasingly crowded market and mounting pressure to scale.

IPO proceeds will fund a new manufacturing plant in Maharashtra, expanded R&D, and marketing—moves aimed at boosting capacity and competitiveness.

Yet, with subsidies shrinking and profitability still out of reach, Ather’s long-term success hinges on its ability to grow sustainably, reduce costs, and prove it’s more than just another EV startup riding a fading wave.

Tune in.

P.S The Ken’s podcast team is hiring! Here’s what we’re looking for.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.Listen to the latest episode of Two by Two here