Brands
Ather races past 5,00,000 electric scooters
MUMBAI: Ather Energy has just charged past a major milestone. The Bengaluru-based electric two-wheeler maker rolled out its 5,00,000th scooter from its Hosur plant in Tamil Nadu, with the milestone model being none other than the popular family scooter, Rizta.
The Rizta, launched last year, has swiftly become the brand’s star performer, now accounting for over a third of Ather’s total production. Co-founder and CTO Swapnil Jain called the achievement a “major milestone”, adding that it symbolises “years of focused engineering, rigorous testing, and meticulous attention to quality”.
From its first prototype to this electrifying half-million mark, Ather’s journey has been about more than scooters. It’s about building a robust and scalable manufacturing ecosystem.
Ather currently runs two plants in Hosur, one for vehicles and another for batteries, with a combined annual capacity of 4,20,000 scooters. To keep up with rising demand, the company is gearing up for its next big leap: Factory 3.0 in Bidkin, Chhatrapati Sambhajinagar, Maharashtra. Built on Industry 4.0 principles, the facility will supercharge Ather’s total capacity to 1.42 million scooters annually once fully operational.
Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather has become a front-runner in India’s electric mobility race. With innovations like the Ather grid, the country’s largest two-wheeler fast-charging network, and a growing product line spanning performance and family scooters, the company seems fully charged for the road ahead.
Brands
Flipkart completes reverse flip to India ahead of IPO
Walmart-owned e-commerce giant shifts domicile from Singapore to Bengaluru
MUMBAI: Flipkart has completed its restructuring to move its parent company from Singapore back to India, marking a key milestone as the Walmart-owned marketplace prepares for a potential initial public offering on Indian stock exchanges, ET reported, citing people aware of the matter.
The move, often referred to as a “reverse flip”, relocates the company’s legal home to India and aligns its corporate structure more closely with its largest market. It also clears an important regulatory step for Flipkart as it explores listing plans.
As part of the restructuring, several Singapore-based entities have been merged into Flipkart Internet Private Limited, which will now serve as the main holding company for the entire group.
The consolidation brings a number of major businesses directly under the Indian parent company. These include fashion platform Myntra, logistics arm Ekart, travel booking platform Cleartrip, healthcare marketplace Flipkart Health, and fintech venture Super.money.
Under the new structure, global investors including Walmart, Microsoft, SoftBank, and the Canada Pension Plan Investment Board will hold their stakes directly in the Indian entity rather than through an overseas holding company.
The redomiciliation required approval from the Indian government because Chinese technology company Tencent owns around a 5 to 6 per cent stake in Flipkart. Under Press Note 3, investments from countries sharing a land border with India require prior government clearance.
Flipkart had already secured approval from the National Company Law Tribunal in December. With the latest clearance from the central government, the company has now obtained all the regulatory approvals needed to complete the relocation, ET reported earlier.
Flipkart had originally shifted its holding structure to Singapore in 2011 to tap global capital more easily. However, as India’s capital markets have matured, several start-ups have begun returning their domiciles to the country ahead of public listings. Companies such as Razorpay, Groww, and Meesho have taken similar steps.
The company is now expected to move ahead with its IPO preparations and has begun early discussions with merchant bankers. According to people familiar with the matter, Flipkart could file its draft prospectus later this year, setting the stage for what may become one of the most closely watched listings in India’s e-commerce sector.
Flipkart has been majority-owned by Walmart since 2018, when the US retail giant acquired a 77 per cent stake in the company for $16 billion in one of the largest e-commerce deals globally.
