Ather Energy

What Ather Energy does

Ather Energy is an Indian electric two-wheeler manufacturer founded in 2013 and headquartered in Bengaluru, listed on Indian stock exchanges (BSE: 544397) since a May 2025 IPO that raised ₹2,981 crore. The company designs, manufactures, and sells connected electric scooters through two product lines — the performance-oriented Ather 450 series (450S, 450X, 450 Apex) and the family-oriented Rizta (Rizta S, Rizta Z) — at ex-showroom prices ranging from roughly ₹1.21 lakh to ₹1.95 lakh. All vehicles run on AtherStack, Ather's proprietary connected vehicle software platform delivered with over-the-air updates, AI-powered voice control (Voice on Ather), predictive diagnostics, navigation, and theft alerts; AtherStack Pro is sold as a recurring add-on at ₹4,999 with a near 90% attach rate across the fleet. Ather also operates the Ather Grid, India's largest two-wheeler fast charging network with 5,900+ public charging points across 379+ cities, and offers the Ather Duo home charger, Halo smart helmet, and accessories.

The business model combines hardware sales with growing software and services monetization: Battery as a Service (BaaS) lowers entry prices to ₹75,999 (Rizta) or ₹84,341 (Ather 450) and bundles charging access, while AtherFlexipay financing (starting at 3.99% interest, zero down payment) and a forthcoming Ather Insurance Limited subsidiary extend the per-customer revenue footprint beyond the unit sale. The company sells direct-to-consumer through 664+ Experience Centres, 508+ Service Centres, and online booking at atherenergy.com, with additional distributor-led presence in Nepal and Sri Lanka. Hero MotoCorp remains the largest shareholder at approximately 38% as of June 2026.

Ather reported FY26 revenue of ₹3,671 crore on sales of 263,000 vehicles (69% YoY growth), holding approximately 16.5% of India's electric two-wheeler market — the third-largest share behind TVS and Bajaj. Q4 FY26 EBITDA approached breakeven (-2.5%) and adjusted gross margins reached 25%, an improvement of 700 basis points, while full-year net losses narrowed 36% to ₹517 crore. Manufacturing is anchored at Hosur with Factory 3.0 (₹2,000+ crore investment, 500K–1M unit annual capacity) under construction in Chhatrapati Sambhajinagar, Maharashtra, supported by a board-approved ₹2,500 crore capital raise in June 2026.

Name

Ather Energy

Legal name

Ather Energy Limited

Website

https://atherenergy.com

Company type

Public

Founded year

2013

Operating status

Ipo

Headcount range

1,001–5,000 employees

Short description

Ather Energy is an India-based electric two-wheeler manufacturer that designs, manufactures, and sells connected electric scooters (Ather 450 series and Rizta) through direct-to-consumer Experience Centres, online booking, and India's largest two-wheeler fast-charging network.

Ownership category

akta.pro rank

Product category

Electric Two-Wheelers

NAICS

Motorcycle, ATV, and All Other Motor Vehicle Dealers (441227)

SIC

Motorcycles, Bicycles & Parts (3751)

akta.pro primary industry

V2G/V2H/V2B Enablement Platforms (Control, Optimization, Dispatch) (EUAFAMAB)

akta.pro secondary industries

Managed EV Charging Software (Residential, Fleet, Workplace) (EUAFAMAA), Automotive Infotainment, Telematics & Connectivity Hardware Manufacturing (TCU/V2X/GNSS) (IMACAJAH)

Keywords

• Electric two-wheelers
• Electric scooters
• EV charging network
• Connected vehicle software
• Battery as a service

Headquarters

HQ city

Bangalore

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Electric Two-Wheeler Sales: Primary revenue stream from manufacturing and selling electric scooters. Products include Ather 450 series (performance-oriented) and Ather Rizta (family-oriented). Models range from ₹1,21,499 to ₹1,94,999 ex-showroom. FY26 revenue reached ₹3,671 crore with 2.63 lakh units sold, up 69% year-over-year.
2. AtherStack Software Subscriptions: Recurring software revenue from AtherStack Pro subscription add-on, which includes premium features, extended battery warranty (Eight70), and advanced connected services. Near 90% attach rate indicates strong software monetization potential.
3. Battery as a Service (BaaS): Battery purchase can be separated from vehicle purchase, allowing customers to buy scooter without upfront battery cost. Reduces effective vehicle price to ₹75,999 (Rizta) or ₹84,341 (Ather 450) with separate battery rental/usage fees.
4. Charging Network Access: Revenue from public fast charging network (Ather Grid) access fees and home charger (Ather Duo) sales. Free access included with BaaS for Rizta customers.
5. Ather Insurance: Insurance distribution business through wholly-owned subsidiary Ather Insurance Limited, operating as corporate agent to offer and facilitate insurance policies to customers. Requires IRDAI approval before commencing operations.
6. Accessories and Merchandise: Revenue from Halo smart helmets, Ather Junior helmets, vehicle accessories, and branded merchandise sold through shop.atherenergy.com and Experience Centres.
7. Financing Services (Flexipay): EMI financing partnerships with multiple banks and financial institutions. Interest rates starting at 3.99% with tenure up to 5 years. Company earns referral/finance processing fees from lending partners.

Pricing tiers

Go-to-market motion1 record

Distribution channels8 records

Marketing channels11 records

Core offering

Ather Energy designs, manufactures and sells connected electric two-wheelers in India through the Ather 450 performance series (450S, 450X, 450 Apex) and the Rizta family scooter line (Rizta S, Rizta Z). All vehicles run on AtherStack, a proprietary connected vehicle software platform, and are supported by the Ather Grid public fast charging network, Battery as a Service, financing through Flexipay, and accessories such as the Ather Halo smart helmet and Ather Duo home charger.

Product overview

Ather Energy is an Indian electric two-wheeler manufacturer offering a portfolio of connected electric scooters spanning two distinct product lines: the performance-oriented Ather 450 series (450S, 450X, 450 Apex) built for thrill-seeking riders, and the family-focused Rizta line (Rizta S, Rizta Z) designed for daily household commutes. Both product lines are powered by AtherStack, the company's proprietary connected vehicle software platform that delivers over-the-air updates, AI-powered voice control (Voice on Ather), remote diagnostics, theft alerts, and smartphone integration. The ecosystem includes the Ather Halo smart helmet, Ather Duo portable charger, and the Ather Grid public fast charging network as the infrastructure backbone. AtherStack Pro and Eight70 Warranty serve as premium add-on subscriptions. The company also operates Ather Insurance Limited as a wholly owned subsidiary for insurance distribution and offers Ather Flexipay for vehicle financing. Battery as a Service separates battery cost from vehicle purchase, reducing upfront prices. All products are manufactured at Ather's Hosur facility with a third factory under development in Maharashtra.

Differentiator

Problem solved

Functional benefit

Brands

• AtherStack: Proprietary software platform for electric scooters with connected features, over-the-air updates, and voice control capabilities
• AtherGrid
• Ather Insurance

Products and services

• Ather 450S Entry-level performance electric scooter with 90 km/h top speed, 122 km IDC range, 17.7 cm DeepView display, turn-by-turn navigation and core AtherStack connectivity features, sold to individual consumers at ₹1,35,999 ex-showroom.
• Ather 450X Premium performance electric scooter with 6.4 kW motor, 0–40 km/h in 2.9 seconds, 126 km IDC range, TFT touchscreen, Magic Twist regenerative braking, Traction Control and full AtherStack connected features, sold to individual consumers starting at ₹1,52,499 ex-showroom.
• Ather 450 Apex Flagship performance electric scooter with 157 km IDC range, Warp+ mode, 100 km/h top speed, Infinite Cruise control, premium design and access to AtherStack Pro subscription features, sold to individual consumers starting at ₹1,94,999 ex-showroom.
• Ather Rizta S Entry-level family electric scooter with 123 km IDC range, DeepView display, turn-by-turn navigation, Eco and Zip ride modes, 56L storage and standard AtherStack connectivity, sold to urban Indian families at ₹1,21,499 ex-showroom.
• Ather Rizta Z Premium family electric scooter with up to 159 km IDC range, 17.7 cm TFT touchscreen, Google Maps navigation, Voice on Ather, premium seat with backrest and full AtherStack 7 features, sold to urban Indian families starting at ₹1,36,999 ex-showroom.
• Ather Halo Smart Helmet Bluetooth-enabled smart helmet with integrated speakers and microphone for hands-free calling, music playback, ChitChat intercom pairing between riders, Auto Wear Detect and seamless integration with Voice on Ather.
• Ather Duo Home Charger Portable and wall-mount home charger that works with any standard 6A 3-pin socket, enabling personal charging at home or on the go alongside the public Ather Grid fast charging network.
• Ather Grid Fast Charging Network Public two-wheeler fast charging service with 5,900+ charging points across 379+ Indian cities, delivering up to 30 km of range in 10 minutes; open to Ather owners and compatible electric two-wheelers.
• Ather Battery as a Service (BaaS) Battery leasing service that removes battery cost from upfront vehicle pricing (Rizta from ₹75,999, Ather 450 from ₹84,341), bundled with free access to 5,900+ Ather Grid fast charging points and potential savings up to ₹45,000 over ownership.
• Ather Flexipay Financing Vehicle financing program offering zero down payment, interest rates from 3.99%, tenures up to 5 years and EMIs from ₹2,235/month for Rizta and ₹2,545/month for Ather 450 through multiple bank partners.
• Ather Assured Buyback Pre-determined resale value guarantee program that gives customers price certainty and residual value protection on their Ather scooters at specified future timepoints.
• Ather Insurance Limited Wholly owned insurance distribution subsidiary operating as a corporate agent to offer and facilitate insurance policies to Ather customers, subject to IRDAI regulatory approval.
• Ather Junior Smart Helmet Child-sized smart helmet designed for young riders, sold through the Ather accessories store as part of the Rizta family-oriented product ecosystem.

Quantifiable outcome

• Reduces fuel costs to 30-50 paise per km vs petrol costs
• +6 more outcomes

Named customers1 record

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability8 records

Feature12 records

Partnerships

Seven partnerships are on record, tiered core, strategic and minor.

• LEAF Consortium (Ather + Hero)coreStrategic or Co-development Partner · 22 June 2026LEAF consortium established by Hero MotoCorp and Ather Energy to build a shared fast-charging network with uniform charging standards across the Indian two-wheeler industry. Aims to standardize charging infrastructure for electric two-wheelers.
• Castrol IndiastrategicTechnology or Integration · 20 June 2026Castrol India is collaborating with Ather Energy on specialized EV fluids development for electric vehicle applications. This partnership positions Ather to leverage Castrol's lubrication expertise for enhanced EV component performance and longevity.
• Tata MotorsstrategicTechnology or Integration · 20 June 2026Tata Motors collaborates with Ather Energy on specialized EV fluids development. Both companies represent leading Indian EV manufacturers working together on component technology standardization.
• Amazon (Climate Pledge Fund)minorStrategic or Co-development Partner · 20 June 2026Amazon's Climate Pledge Fund committed USD 2.65 million to renewable-powered charging hubs under JOULE network in Bengaluru, indirectly benefiting Ather's charging infrastructure ecosystem.
• Bharat Innovates 2026 (IIT Bombay)minorStrategic or Co-development Partner · 9 June 2026Ather Energy selected among 120 Indian deep-tech startups to showcase at Bharat Innovates 2026 in Nice, France (June 14-16, 2026). Event organized under IIT Bombay as nodal institute, with PM Modi and President Macron presiding over inauguration.
• Bank/NBFC Financing PartnerscoreChannel Partner/ Reseller/ DistributorMultiple banking and financial institution partners providing EMI financing through Flexipay program. Interest rates starting at 3.99% with tenure up to 5 years. Enables zero down payment purchases at Experience Centres and online.
• Government RDI SchememinorOthersAther Energy is finalizing participation in government's ₹1 trillion Research, Development, and Innovation (RDI) fund to access low-cost debt funding at 2-3% interest rates for developing new electric motorcycle and EL platform projects.

Scale indicators17 records

Recent moves10 records

Expansion highlights7 records

Direct peers

• Ola Electric: India's largest electric two-wheeler manufacturer; directly competes with Ather in the connected EV scooter market with the Ola S1 series. Also targeting commercial/B2B segment with electric two-wheelers for gig workers, putting it in direct competition with Ather's potential fleet expansion.
• TVS Motor Company: India's second-largest electric two-wheeler manufacturer (TVS iQube) and broader two-wheeler incumbent. Directly competes with Ather's Rizta and upcoming EL platform in the family scooter segment, with significant distribution scale advantage.
• Bajaj Auto: India's largest electric two-wheeler manufacturer (Bajaj Chetak Electric) and broader two/three-wheeler incumbent. Directly competes in the entry-level family scooter segment where Ather's EL platform is positioned.
• Hero Electric: India's early-mover electric two-wheeler manufacturer, related to Ather's largest shareholder Hero MotoCorp. Competes in entry-level and mid-range EV scooter segments with broad distribution, creating channel and brand overlap.

Emerging players

• Simple Energy: Indian EV startup with the Simple One electric scooter. Targets similar performance-oriented and tech-forward urban riders as Ather's 450 series, with comparable connected features and software-driven positioning.
• Bounce Infinity: Indian EV scooter and battery-swap startup. Competes in electric two-wheeler segment with a battery-swap model that contrasts with Ather's BaaS approach, particularly relevant for fleet and B2B use cases.
• Ampere (Greaves Cotton): Indian electric two-wheeler brand owned by Greaves Cotton. Competes in the entry-level and mid-range family scooter segment with broader distribution and lower price points, relevant to Ather's EL platform positioning.
• Okinawa Autotech: Indian electric two-wheeler manufacturer with broad low- and mid-range scooter lineup. Competes primarily in tier-2/3/4 markets where Ather is expanding its 'Middle India' presence.

Broad incumbents

• Gogoro: Global leader in electric two-wheeler battery-swapping technology, partnered with Hero MotoCorp. Represents the battery-swap model alternative to Ather's BaaS/charging network approach, with relevant technology and ecosystem overlap.

Others

• Rivian: Premium electric vehicle manufacturer with strong software-defined vehicle architecture and direct-to-consumer model. Comparable in software-first EV approach and connected vehicle platform philosophy, though serving different product categories (4-wheel EVs vs 2-wheelers).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/atherenergy
• YouTubeyoutube.com/channel/UCSLhKhksyulbnChE9dLP_5Q
• Facebookfacebook.com/atherenergy
• LinkedInlinkedin.com/company/ather-energy
• Instagraminstagram.com/atherenergy

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries1 record

Funding overview

Funding rounds18 records

Investors21 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ather Energy