Ather Energy to Zepto: More than 20 startups prepare for IPOs in 2025

Companies increasingly prefer to make India their base, driven by strong liquidity, a booming digital economy and global investor interest in the country

When Tarun Mehta and Swapnil Jain were studying engineering at the Indian Institute of Technology Madras in 2012, they set out to launch a startup to manufacture battery packs for electric vehicles (EV). The friends soon realised that batteries were just one of several industry problems and that it needed a new EV. This led them to set up the smart electric scooter startup Ather Energy in 2013. They have achieved a lot since then. Ather is India’s leading electric scooter brand. It will launch an initial public offering (IPO) this year, aiming to raise ₹3,100 crore through a fresh