(Bloomberg) -- Ather Energy Pvt, an Indian electric scooter company, is seeking to hire investment banks to help arrange a potential initial public offering in Mumbai as early as this year, according to people familiar with the matter.

Ather, whose backers include Flipkart co-founders Sachin Bansal and Binny Bansal, is selecting banks for a listing that could value the firm at about $2 billion, the people said. The Bangalore-based company could seek to raise as much as $400 million in a share sale, said the people, asking not to be identified because the matter is private.

Considerations are ongoing, no final decisions have been made and Ather could still decide to delay the listing, the people said. Details such as valuation and IPO size could change, they added.

A representative for Ather declined to comment.

Two graduates of the Indian Institute of Technology Madras, Tarun Mehta and Swapnil Jain, founded Ather in 2013. The company raised about $128 million in a series E round in 2022 from investors including India’s sovereign wealth fund, the National Investment and Infrastructure Fund Ltd., and existing shareholders such as Indian two-wheeler maker Hero MotoCorp Ltd. 

Other investors in the company include Tiger Global Management.

©2024 Bloomberg L.P.