Ather: Revving Up India’s EV Landscape

There was a time when scooters in India were as exciting as watching paint dry.

They looked awfully uninspiring, sluggish and barely capable of making it through city traffic without wheezing to a stop.

But in 2013, two young visionaries from IIT Madras, Tarun and Swapnil, saw something that the others didn’t.

They imagined an EV that could blend style, power, and tech. And with that vision, Ather Energy was born.

It all started with a question: Why settle for ordinary? Tarun and Swapnil started from scratch, building their own lithium-ion battery packs and challenging the status quo.

In 2014, their idea caught the eye of Flipkart’s founders, who invested $1 million to fuel their vision.

Ather’s first model, the S340, was a statement.

Designed to break stereotypes, the S340 boasted a 75 km/h top speed and a fast charge that could hit 90% in under an hour.

This wasn’t just an upgrade from previous scooters as Ather redefined the entire scooter riding experience altogether.

The path wasn’t without hurdles. Funding was a challenge and scepticism around the company wasn’t scarce.

But Ather stayed the course.

By 2016, Heromotocorp - one of India’s automotive giants poured in $27 million and their first plant in Bangalore came into existence.

Ather wasn’t content with just the S340. Enter the 450X and 450 Plus - models that raised the standards for electric scooters in India further.

Featuring intelligent dashboards and over-the-air updates, these scooters were tech on wheels.

And with the Ather Grid, they have a vast fast-charging network stretching across 2,700+ locations in over 230 cities making range anxiety a thing of the past.

And if you’re on the go? Ather’s portable charging station - the Ather Duo has got you covered.

Ather’s hard work paid off.

They secured over 11% of the Indian electric scooter market by FY24 and achieved a 41% growth from the previous year with over 1.08 lakh units sold.

The highlight?

Securing unicorn status with a $71 million investment from the National Investment and Infrastructure Fund (NIIF).

Meanwhile, competition in the Indian EV space is intensifying.

Ola Electric lead the pack with a 27.4% market share as of September 2024.

Bajaj Auto follows closely with 21.3%, overtaking TVS Motors. Hero MotoCorp holds a 5% share, creating their own space in the rapidly expanding EV landscape.

So, what’s next?

Well, things are only going to get more exciting. Why?

Because Ather is now eyeing the electric motorcycle market and ramping up production to hit 1 million units annually.

With a fresh INR 3,100 crore raised and the industry heating up, it’s an exciting space to keep an eye on.

As the Indian e-bike market revs up to reach $60.9 million by 2029 with a CAGR of 17.7%, Ather has positioned itself to lead from the front.

One thing is clear though: The future of India's transportation is undeniably electric.

For Ather, the journey has already been nothing short of electrifying and yet this is only the beginning.