The Rise of Ather Energy: Charging Ahead in India’s Booming EV Market

India’s electric vehicle (EV) sector is growing rapidly with increasing demand for sustainable mobility. Among the many startups, Ather Energy has stood out by winning both customer trust and market share. From its first prototype to the launch of its highest-selling family scooter, Ather Rizta, the company has evolved from catering to premium niches to serving mass markets. Here’s a detailed look at Ather Energy’s remarkable journey.

Ather Energy’s Business Profile

Genesis of Ather Energy 

In 2013, Tarun Mehta and Swapnil Jain began their journey at the Research Park of IIT Madras. While experimenting with electric vehicle prototypes, they identified the growing concern of India’s polluted and congested urban transport and the poor quality of existing electric scooters. Hence, they decided to build something that could push India towards reliable, sustainable mobility. 

Launch of Ather EV Scooters & Manufacturing Plants

They unveiled their first scooter, the S340, on 23 February 2016, at a technology conference, Surge, in Bengaluru. A few years later, in December 2019, they signed an MoU with the Government of Tamil Nadu to set up a 400,000 sq ft manufacturing plant for electric vehicles in Hosur, with an investment ranging from ₹635 to ₹789 crore. This facility was designed to be the backbone of their expansion, with the capacity to produce vehicles and battery packs at scale. 

By January 2020, they introduced two new products, the Ather 450X and the Ather 450 Plus. These models offer faster acceleration, improved range, and better connectivity features.

In January 2021, Ather began full-scale operations at its production facility in Hosur. Their new factory has an annual capacity of 110,000 scooters and 120,000 battery packs. This transitioned Ather from a niche startup to a competing player in the EV industry. 

Establishing EV Charging Network Across India

Source: Ather

Ather also aimed at developing charging infrastructures. By May 2023, they had set up over 1000 fast charging points in 80+ cities across India under the Ather Grid brand. This network of charging stations helped reduce range anxiety, which is a major concern for EV users.  

IPO Launch  

Source: My Investment Ideas

In September 2024, they filed their Draft Red Herring Prospectus [DRHP] with SEBI, announcing plans for a ₹4,500 crore IPO at a valuation of $2.5 billion. In May 2025, they got officially listed on both NSE and BSE and opened their IPO. 

Expansion of Ather Energy

By the end of FY25, they had established ~351 retail outlets with a strong presence in southern India. They also launched Battery-as-a-Service [BaaS] for Rizta and new buyback and warranty schemes to make EV ownership more affordable. 

Recently, they have introduced a new 6 kW fast charger, which is compact in size and offers nearly double the charging speed for certain scooters. In FY25, 60% of their sales were driven by the Rizta scooter that crossed 100,000 units within a year. 

Technology Advancements

Ather launched AtherStack 7.0 Software that includes voice-enabled interactions powered by a large language model, enhanced safety features, and improved connectivity. Additionally, they have introduced a completely new EL platform that allows 15% faster assembly and fast, timely servicing, with service intervals extended to 10,000 km. 

As of March 2025, Ather has 350+ experience centres in India, and a presence in the Nepal and Sri Lanka markets. They aim to leverage the growing demand for electric vehicles and expand their global footprint. 

Products & Services of Ather Energy

Ather 450 Apex [Limited Edition]: For Enthusiasts

Starting Price: ₹189,999

Launched in 2024, the Ather 450 Apex, as a special edition, integrates cutting-edge technology to deliver an unparalleled riding experience. It is built with a 3.7 kWh lithium-ion battery and offers a top speed of 100 km per hour. It is powered by a 7 kW Permanent Magnet Synchronous Motor [PMSM] with 26 Nm of torque.  

Ather 450X: Built for Urban Commuters

Starting Price: ₹146,999

Ather 450X is built with a 4G SIM card and Wi-Fi, with Bluetooth connectivity and a 7” touchscreen dashboard. It comes with a colour depth of 16 million and a Snapdragon Quad Core processor. It utilises Android Open Source to offer map navigation, on-board diagnostics and features like Over-the-air updates, auto-indicator off and guide-me-home lights.   

Ather 450S: For first-time EV buyers

Starting Price: ₹119,841

In August 2023, the Ather 450S was launched with a 5400-watt PMSM motor that generates a torque of 22 Nm. It offers a range of 115 km and a true range of 90 km on a single charge. It has a top speed of 90 km per hour and takes around 7 hours to charge from 0% to 80% with a portable home charger. It offers features like an Emergency Stop Signal [ESS], Vehicle FallSafe, a guide-me-on light, Trip Planner, and Theft & Tow Alerts. 

Ather Rizta: Everyday Scooter

Starting Price: ₹104,999 

Source: Cartoq

In 2024, the Ather Rizta, a family-oriented electric scooter, was launched. It comes with a 3.7 kWh Lithium-Ion battery pack, which gives a range of 160 km on a full charge with a top speed of 80 km per hour and has an acceleration of 0 to 40 kmph in just 3.7 seconds. It also offers 34L of storage space. The launch of this scooter has pushed Ather from niche premium into true mass-market adoption. 

Ather Grid

Ather Grid, a charging network established by Ather Energy across 18 cities in India. These DC-fast-charging stations use Ather’s proprietary charging method and connector to charge the Ather scooters at a rate of 1km/min. They are equipped with a 3-pin socket to supply AC power to other electric vehicles that don’t use Ather’s connector. Today, approximately 3,578 fast charging grid points are installed across India. 

Ather Space

Ather also operates Experience Centres through its licensed dealer network. These centres offer a space for potential customers to explore Ather’s electric scooters, take test rides, learn about their features, and understand charging solutions. Over 350 experience centres are operating in India.  

Major Funding Rounds

Financial Highlights

Source: Ather 

In FY2024-25, the total income rose 29% to ₹23,052 million, while their adjusted gross margin surged 172% to ₹4,284 million. Even without subsidies, their margins stood at 12%, reflecting growing EV adoption without government support. Moreover, the losses at the EBITDA have been narrowed by 1300 bps points to -23%. 

Source: Ather 

While in Q1 FY26, they have sold almost double the volume from the same quarter last year, 46,000 units. Their total income reached at ₹6,729 million, reflecting strong demand in the EV industry. However, their adjusted gross margin has shown a 25% QoQ increase to ₹1,548 million. Losses at the EBITDA level further reduced to -16%, improving 700 basis points QoQ. 

Future Plans

Ather aims to scale by establishing 700+ retail outlets by FY26, with a focus particularly on North, East, and West India. They are also planning to establish a new plant for Maharashtra with a Phase-1 capacity of 0.5 million units by March 2027. They are also working on developing the Zenith platform for a new electric motorcycle in the 125-300cc segment. Hence, by competing on quality, Ather aims to capture 20% of the Indian electric scooter market by FY26.   

Conclusion

Ather Energy has shown the amount of potential Indian startups have to scale in high-tech, capital-intensive industries. From building smart, techy scooters to setting up a nationwide charging grid, they have focused on solving the biggest barriers to EV adoption. The IPO listing in 2025 highlights their shift from being a niche innovator to a mainstream automotive force. While expanding into new markets, they are charging ahead to redefine mobility for millions of Indians and potentially, global riders as well. 

FAQs

Q1. Which is Ather’s most popular scooter?
Ather Rizta is currently its top-selling model.

Q2. How many Ather Grid charging points are there in India?
As of 2025, Ather operates over 3,500 fast-charging points nationwide.

Q3. What is the price of the Ather 450S?
The Ather 450S starts at ₹119,841.