Financial Growth and Investments
In September 2023, Ather Energy secured ₹900 crore through a rights issue from existing shareholders Hero MotoCorp and GIC. This capital infusion was aimed at launching new products and expanding both its charging infrastructure and retail network
Following this, Hero MotoCorp increased its stake in Ather Energy by investing an additional ₹550 crore in September 2023, raising its shareholding to 33.1%. By December 2023, Hero MotoCorp further augmented its stake to 39.7% with an additional investment of ₹140 crore.
Product Portfolio Expansion
Ather Energy has diversified its product lineup to cater to a broader segment of the two-wheeler market. The company introduced the Ather 450S, an entry-level electric scooter featuring a 5.4 kW PMSM motor, offering a range of 115 km and a top speed of 90 km/h. Safety features include an emergency stop signal and vehicle fall detection.
Additionally, Ather expanded its flagship 450X model by offering 2.9 kWh and 3.7 kWh battery options, enhancing performance and range to meet diverse consumer needs.
Market Performance and Infrastructure
In FY23, Ather Energy reported a substantial increase in revenue, reaching ₹1,783 crore, a 4.4-fold growth from ₹408 crore in FY22. The company also expanded its retail footprint significantly, increasing from 30 stores to 130 stores within the same period. As of September 2023, Ather operated over 200 retail touchpoints across more than 100 cities and maintained a public fast-charging network with over 1,500 Ather Grid points.
Strategic Partnerships
In December 2023, Hero MotoCorp and Ather Energy entered into a partnership to establish an interoperable fast-charging network for electric two-wheelers in India. This collaboration aims to enhance the charging infrastructure, promoting the adoption of electric vehicles nationwide.
Product Launches and Innovations
In January 2025, Ather Energy unveiled the updated 450 series, including the 450X, 450S, and the high-performance 450 Apex. These models feature enhanced range, new color options, and advanced technological integrations aimed at improving user experience and safety.
Additionally, the company introduced the Ather Rizta, a family-oriented electric scooter starting at ₹99,999, emphasizing affordability and practicality for urban commuting.
Strategic Partnerships and Events
In early April 2025, Ather Energy hosted a firmware hackathon focused on enhancing electric two-wheeler safety. Sponsored by industry leaders such as Qualcomm, Elektrobit, NXP, and Infineon, the event centered around Ather’s in-house developed Software Development Kit (ASDK), encouraging innovations in motor control, battery protection, and regenerative braking.
Initial Public Offering (IPO) Plans
Ather Energy has been preparing for its Initial Public Offering (IPO), aiming to raise approximately ₹3,100 crore. The IPO will consist of a fresh issue of equity shares and an offer-for-sale by existing investors and promoters. The proceeds are intended to fund the establishment of a new manufacturing facility in Maharashtra and to reduce existing debt.
The company has adjusted its valuation to around $1.6 billion, down from an earlier estimate of $2 billion, reflecting current market conditions. The IPO is anticipated to take place by mid-April 2025.
