Ather Energy Limited, incorporated in 2013, is an Indian electric two-wheeler company headquartered in Bengaluru and founded by Tarun Mehta and Swapnil Jain. The company is a pioneer in the Indian Electric Two-Wheeler (E2W) market, designing and developing E2Ws, battery packs, charging infrastructure, software, and accessories. Ather manufactures battery packs and assembles E2Ws in-house, operating on a vertically integrated, software-defined business model.
As of 9M FY25, Ather is the 4th largest E2W manufacturer in India by sales volume, establishing itself as a significant player in the rapidly growing electric vehicle market. The company has EV manufacturing facilities in Whitefield, Bangalore, and Hosur, Tamil Nadu, with a total annual installed capacity of 420,000 units for E2Ws and 379,800 units for battery packs as at March 31, 2024.
Ather Energy offers a comprehensive range of electric scooters designed for different market segments. The company manufactures electric scooters including the Ather 450 series and Ather Rizta. The company currently has four scooters in its portfolio – the 450S, 450X, 450 Apex, and the Rizta, catering to various customer preferences from performance-oriented to family-focused vehicles.
The Ather 450 is constructed using an all-aluminum frame, comes with a 3.3 kW/5.4 kW peak (7.2 BHP) brushless DC electric motor, and a 2.4 kWh lithium-ion battery pack. The scooter can accelerate to 40 km/h in 3.9 seconds, attain a top speed of 80 km/h, and can travel 75 km on one charge in city-riding conditions. The company's latest offering, the Ather Rizta, is a family electric scooter launched in 2024 that comes with a 3.7kWh Lithium-Ion battery pack which gives a range of 160 km on a full charge with a top speed of 80Km/h and has an acceleration of 0 to 40 kmph in just 3.7 seconds, featuring 34L of storage space.
Ather introduced industry-first features like the Ather Grid, a fast-charging network, and their proprietary AtherStack software, offering over-the-air updates, ride statistics, and cloud integration. Ather Energy provides over-the-air (OTA) updates for its electric scooters, having rolled out 13 OTA updates as of 2020. Atherstack is their in-house software platform that enables connected services, digital upgrades, and customer engagement.
The company's scooters, such as the Ather 450X, are meant to exemplify high-powered, feature-filled products with smart dashboards, custom ride modes, and OTA updates for their urban and tech-savvy clientele, featuring digital dashboards, over-the-air software updates, real-time diagnostics, and mobile app integration.
The Ather Grid is India's widest 2-wheeler fast charging network. As of March 31, 2025, Ather has installed 3,578 Fast chargers and Neighbourhood chargers across India. Ather has set up its own charging network, dubbed Ather Grid, in 18 cities across India. These DC-fast-charging stations use Ather's proprietary charging method and connector to charge the Ather scooters at a rate of 1 km/min.
Ather has open-sourced their charging standard (LECCS), which has now become a national standard. That means their fast chargers are compatible with other EVs too. In short, they've made EV charging easier for everyone—setting themselves apart from the competition. The company has set up Ather Grid—a proprietary charging network that is open to other EVs—to build convenience and infrastructure, among India's few such sets, providing owners with comfortable and often free fast charging options.
Ather Energy has a market capitalization of ₹12,291 Crore as of March 2025. The company has shown strong revenue growth despite ongoing losses as it scales operations.
- Sales rose 28.58% to ₹2,255.00 Crore in the year ended March 2025, as against ₹1,753.80 Crore during the previous year ended March 2024.
- Net loss reported to ₹812.30 Crore in the year ended March 2025, as against net loss of ₹1,059.70 Crore during the previous year ended March 2024.
- Sales rose 29.17% to ₹676.10 Crore in the quarter ended March 2025, as against ₹523.40 Crore during the previous quarter ended March 2024.
- Net Loss of Ather Energy reported to ₹234.40 Crore in the quarter ended March 2025, as against net loss of ₹283.30 Crore during the previous quarter ended March 2024.
Ahead of the IPO, Ather Energy on Friday, April 25, 2025, raised ₹664 Crore from anchor investors. The board allotted 2.06 Crore shares at ₹321 each to 14 anchor investors. Shares of Ather Energy were listed at ₹328 apiece, a premium of 2.18% over the issue price of ₹321 per unit on the National Stock Exchange (NSE).
Ather Energy plans 700 Experience Centres by FY26, doubling its retail network to boost sales and market presence. Ather Energy has recently launched its second Experience Centre, Ather Space, in Indore, further expanding its network in Madhya Pradesh. At the Experience Centre, enthusiasts can purchase the Ather 450 performance scooters and the Rizta, and it also houses an Ather Gold Service Centre.
The promoters are Tarun Sanjay Mehta, Swapnil Babanlal Jain, and Hero MotoCorp (HMCL). The promoters and promoter group hold an aggregate of 158,728,716 equity shares, aggregating to 54.6% of the pre-offer issued and paid-up equity share capital. Promoter holding in Ather Energy Ltd has gone down to 42.09% as of May 2025 from 54.61% as of April 2025 following the IPO.
Ather Energy and Infineon Technologies Asia Pacific signed a Memorandum of Understanding (MoU) in Seoul, South Korea, to jointly drive innovation in the electric vehicle industry in India. The collaboration focuses on advancing semiconductor technologies to support light electric vehicles, charging infrastructure, and safety, leveraging cutting-edge semiconductor solutions from Infineon alongside Ather's expertise in designing state-of-the-art LEVs.
The company opts to keep things asset-light by outsourcing battery cell production and sharing partnerships for experience centers and service operations, all advantages for agility and faster adoption of new tech. The Company assemble E2Ws and manufacture battery packs at a manufacturing factory located near Hosur, Tamil Nadu.
The company currently has a presence in 27 cities across 15 states, and Ather has a vast network and its touch-points range across India. As of now, the brand has around 2,900 touch-points.
Ather Energy represents a compelling investment opportunity in India's rapidly growing electric vehicle market, combining innovative technology, strong brand positioning, and expanding market presence despite current profitability challenges typical of high-growth companies in emerging sectors.
