New Delhi, April 25 -- India's electric two-wheeler race is entering a new phase-and one of its earliest disruptors is now testing investor faith.

Ather Energy, known for its tech-led scooters and premium positioning, is headed for a public debut next week. As competition intensifies and capital becomes dearer, the initial public offering (IPO) marks a crucial inflection point for both the company and the broader EV ecosystem.

Backed by Hero MotoCorp and marquee investor Tiger Global, Ather is aiming to raise fresh funds and widen its shareholder base. But while it has made strides in technology, manufacturing and customer experience, persistent losses and cash burn raise questions on scalability and sustainability.

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