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India’s EV startup Ather cuts IPO size to $308M, seeking $1.4B post-money valuation
Ather Energy, the Indian startup manufacturing electric two-wheelers, has cut the size of its initial public offer by 18% to 26.26 billion Indian rupees
Ather co-founders Tarun Mehta and Swapnil Jain as well as National Investment and Infrastructure Fund Limited (NIIF) and Tiger Global Management’s Internet Fund III plan offload their stakes in the IPO, according to the draft prospectus. Ather said it will use 9.27 billion Indian rupees ($108.8 million) from the net proceeds to set up an electric two-wheeler facility in Maharashtra. Jagmeet covers startups, tech policy-related updates, and all other major tech-centric developments from India for TechCrunch.
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