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Indian startup Ather Energy, known for making electric two-wheelers, is shaking things up. They recently decided to lower their IPO size by 18%, aiming for a raise of around $308 million.

They’ve set their sights on a post-money valuation of about $1.4 billion. This comes after earlier plans to value the company between $1.5 and $2 billion. The market conditions prompted them to make this adjustment, and existing shareholders will sell fewer shares—about 11.1 million—compared to last year’s plans.

The company is planning to use the funds for several big projects: building a new electric scooter plant in Maharashtra, investing in research and development, boosting marketing efforts, and paying off debts. They’ve seen a 21% sales increase in 2024, reaching over 126,000 units, Capturing about 10.7% of the market last year.

Ather was founded in 2013 and started rolling out electric scooters in 2018. Revenue for the first nine months of 2024 hit approximately $185 million, though they reported a net loss, which has decreased from previous years. In India, Ola Electric is a key competitor, having gone public last year with a big surge but a subsequent decline in share price.

This move highlights Ather’s growth ambitions and its commitment to expanding the electric vehicle market in India, positioning itself as a major player in the future of transportation.