Ather Energy, an electric scooter manufacturer backed by Hero MotoCorp, is reportedly exploring an initial public offering (IPO) in India.

What Happened? Sources quoted by NDTV Profit revealed that the company held meetings last week with bankers to discuss IPO plans. Ather Energy aims to raise about $400 million, targeting a valuation of $2 billion.

However, when approached for a comment, Ather Energy chose not to divulge any details. Similarly, a message sent to co-founder Tarun Mehta remained unanswered.

Bloomberg’s separate report suggests that while an IPO is under consideration for as early as this year, nothing is set in stone. Ather Energy might delay the listing, and the specifics, including valuation and IPO size, are still subject to change.

See also: Central Railway’s Mumbai Division Rakes in ₹100 Cr Catching Ticketless Travellers

Ather has been performing well financially, with a significant jump in revenue from ₹413 crore in FY22 to ₹1,806 crore in FY23. It’s a major player in India’s electric two-wheeler market, competing with the likes of Ola Electric and TVS Motor Company.

Why it matters? This development comes after Ola Electric’s announcement in December last year about its IPO. Ola Electric plans to raise ₹5,500 crore in what could be one of India’s largest share sales this year. This offering, a first for an electric automobile company in India, will include fresh stock issuance, with significant shares sold by CEO Bhavish Aggarwal and investor SoftBank.

Founded in 2013 by Indian Institute of Technology Madras alumni Tarun Mehta and Swapnil Jain, Ather Energy currently offers three electric scooters: the 450S, 450X, and 450 Apex. Additionally, the company is gearing up to launch a family-oriented electric scooter, the Ather Rizta.

Read next: Paytm Shares Tank Another 5% Despite Addressing ED Probe Rumours