BENGALURU -- India's electric scooter startups are under the gun as hefty losses and regulatory uncertainties turn investors wary despite large market shares, while legacy automakers ramp up competition.
Ather Energy, which ranks third in sales, resorted to a rights issue after potential investors balked at its ask of more than $200 million at a valuation of at least $1 billion, said people aware of the company's plans. The startup announced in September that it had raised $108 million by issuing compulsory convertible preference shares to existing investors Hero MotoCorp and GIC.
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