Ather at ₹26,000 Cr: The IIT-M Experiment That Became an EV Giant |S4E6| Destiny Avenged|Weekend Ep.

What does it take to build an EV scooter from scratch in a country that had no EV supply chain, no ecosystem, and very little faith in hardware built in India? In this episode of the Blume Podcast (Season 4: Destiny Avenged), Karthik sits down with Tarun Mehta, Co-founder & CEO, Ather Energy, to unpack the impossible decade behind Ather — from two college kids sleeping on yoga mats in IIT Madras labs, hand-building battery packs and prototypes, to shipping their first 10 scooters nearly 5 years after the first cheque. This is not a story of hacks and shortcuts. It’s a story of: Saying no to “copy China” and betting on original engineering Spending years in the lab building batteries, BMS, chargers and a full-stack scooter before seeing any real revenue Building an R&D culture that prides itself on engineering excellence, even when it meant slower growth and higher risk 00:00 – If Tesla called, would Tarun collaborate? (cold open) 01:23 – Destiny Avenged intro & how a hostel project became Ather Energy 03:37 – Growing up in Ahmedabad, Gujarat board & an obsession with gaming 08:23 – Choosing IIT Madras, Engineering Design & meeting Swapnil + the Stirling engine 21:39 – Quitting auto jobs, camping at IIT, and pivoting from batteries to full-stack scooters 34:46 – Deep tech vs internet: capital, gestation and why metrics are the real bottleneck 45:14 – EVs as experience machines: Infinite Cruise, smart helmets & software-led moats 57:23 – IPO, life as a public company & what Ather should look like in 2035 If you’re a founder, operator, or anyone who’s ever wondered whether it’s worth betting a decade on hard problems, this conversation is a masterclass in patience, craft, and long-term thinking. In this candid conversation, Karthik dives deep with Tarun into how Ather was built the hard way — one experiment, one setback, and one breakthrough at a time. Season Partners: IDFC FIRST Bank and Ultrahuman (Blume portco) Apple Podcast: https://podcasts.apple.com/us/podcast... Spotify: https://open.spotify.com/episode/0TwI... ------------------------------------------ The views and opinions expressed in this content are for informational purposes only and do not constitute investment, legal, tax, or accounting advice, nor an offer or solicitation to buy or sell securities. References to companies, transactions, or market events are illustrative only and should not be construed as endorsements or statements of value. Any views expressed by individuals are solely their own and do not represent those of Blume Ventures, its affiliates, partners, or employees. Past performance is not indicative of future results.