Initiative Bags Ather Energy's Integrated Media Mandate: Report

Ather Energy, an electric two-wheeler company, has awarded its media buying and planning mandate to Initiative India. Reports suggest that Initiative has won the integrated media business of the brand which is funded by Tiger Global and Hero MotoCorp.

GroupM and Dentsu were two other media investing companies vying for the account. While the exact account size is unknown at the moment, Ather's declared advertising costs increased significantly from Rs 45.5 crore in the previous fiscal year to Rs 203.8 crore in FY23.

The board of the EV firm that is headed for an IPO approved a motion to change the company's status from private to public last week at its annual general meeting, according to reports.

In FY 2024, Ather Energy recorded a consolidated revenue of Rs 1,753 crore despite increased competition and pressure from the macroeconomic environment.

Earlier in June, Hero Motocorp said it would acquire an additional 2.2 per cent stake in Ather Energy for Rs 124 crore. A few days later, it was reported that Sachin Bansal, the co-founder of Flipkart, had sold his remaining 7.5 per cent investment in Ather Energy, thereby leaving the firm.