Ather Energy, a manufacturer of electric two-wheelers, announced on Wednesday that its board of directors approved the raising of capital amounting to 12 billion rupees, equivalent to $124.70 million USD, through a preferential issuance of shares and convertible warrants.
The total amount of funds raised will be 1200 crore Indian rupees. The financing will be fully provided by existing investors, led by Hero MotoCorp and India-Japan Fund, as well as Ather's co-founders.
Ather will issue 1.63 million equity shares to India-Japan Fund, which is a government-backed joint investment vehicle managed by the National Investment and Infrastructure Fund, at a price of 1230 rupees per share. Furthermore, Ather disclosed in its stock exchange filings that Hero MotoCorp is investing 9.60 billion rupees through warrants.
Hero MotoCorp, the largest shareholder in Ather and a motorcycle manufacturer, had previously approved investments in the company worth up to 10 billion rupees on Tuesday. Ather's co-founders, Tarun Mehta and Swapnil Jain, are each investing about 200 million rupees through convertible warrants.
After the completion of the issuance, Hero MotoCorp's stake will increase from 29.48% to 30.68%, and India-Japan Fund's stake will rise from 5.75% to 6.02%. The founders' stakes will decrease to 4.85% each from the previous 4.93%.
Although Ather Energy did not specify how the raised funds will be used, electric vehicle manufacturers typically require significant capital for expanding production, developing battery technologies, and creating new products, especially amid growing sector competition. This fundraising coincides with a period of increased sales of electric two-wheelers in India. According to the auto dealer association data, EV penetration exceeded 10% for the first time in June, driven by rising fuel prices and regulatory pressure.
As of June, Ather is the third-largest electric two-wheeler manufacturer in India, according to Vahan data.
The total compensation of former HDFC Bank chairman, Atanu Chakrabortty, increased by 3.53 percent, reaching 1.07 crore rupees in the 2026 fiscal year, according to data published by the country's largest private lender on Saturday.
Chakrabortty, who was previously a government bureaucrat, left his position, raising questions about ethics and governance at the end of the fiscal year. For the 2026 fiscal year, he received 107,25,269 rupees in fees for meetings and remuneration, as stated in the bank's annual report.
This amount exceeded the 103,58,871 rupees he received in the previous fiscal year. The annual report for the 2026 fiscal year specifies that as part-time chairman and independent director, he was entitled to a fixed remuneration of 50 lakh rupees for the 2026 fiscal year, which was approved by the Reserve Bank of India (RBI).
The report noted that since Chakrabortty resigned from his position as part-time chairman and independent director on March 18, 2026, the fixed remuneration was paid to him proportionally. Additionally, he was paid fees for attending Board of Directors and Committee meetings, and provided with a vehicle for official and personal use until the date of his cessation of duties, i.e., until March 18, 2026.
According to the report, he attended all 17 board meetings held before his departure as part-time chairman of the bank.
Sashidhar Jagdishan, CEO and Managing Director of DFC Bank, stated on Saturday that the sudden departure of part-time chairman Atanu Chakrabortty was a complex event and raised questions regarding corporate governance standards at the bank. Chakrabortty resigned as part-time chairman of the country's largest private lender on March 18, citing ethical concerns, more than a year before the end of his term.
This is the first instance of an HDFC Bank part-time chairman leaving early, which has caused concern about the functioning of the bank. Jagdishan noted in the annual report that 'by the end of Fiscal Year 2025-26, the bank faced a complex event—the resignation of Atanu Chakrabortty, part-time chairman and independent director of the bank, on March 18, 2026.'
He added that the statement contained in Chakrabortty's resignation letter raised questions about governance standards. To strengthen the bank's robust governance standards, the board of directors made a preemptive decision to engage external law firms to investigate the statement made by Chakrabortty in his resignation letter. Since the bank's ADRs are listed on the NYSE, the board deemed it prudent to engage both domestic and international law firms for this review.
The bank disclosed the findings of the external law firms on June 26, 2026, which essentially showed that Chakrabortty's claims in his resignation letter and their consequences were not substantiated by the reviewed documents and witness interviews.
Yotta Data Services, a company specializing in artificial intelligence infrastructure and data centers, announced the raising of approximately $150 million from non-institutional investors. The company's valuation was set at approximately 37,000 crore rupees.
The raised capital is intended to strengthen the company's financial position through growth and to support the next stage of expansion. The company emphasized that all attracted funds will be directed towards accelerating growth, and there was no Offer for Sale (OFS) from shareholders in this round.
Yotta continues to assess interest from long-term institutional investors while maintaining its course toward its pre- and post-IPO plan, although the timeline for this has not been disclosed. Previously, there were reports that the company was raising funds through global funds or via listing.
The company stated that its current valuation is based on fundamental business metrics, revenue from long-term contracts, and execution visibility. Yotta expects this valuation to increase as its AI infrastructure capacity grows and new client agreements are signed.
Operationally, Yotta plans to increase its AI cloud platform to over 40,000 Nvidia Blackwell GPUs within the next four months, and to approximately 85,000 GPUs by the end of the current fiscal year. This will enable it to become one of the largest AI computing platforms outside the US and China.
The company continues to support sovereign cloud and AI initiatives in India while scaling up services for global AI model developers and inference providers. Yotta's long-term goal is to help India become a producer of AI infrastructure and intelligence, rather than just a consumer.
