Ather Energy

Last updated

Ather Energy Ltd.
Company type Private
Industry
Founded2013;12 years ago (2013)
Founder
  • Tarun Mehta
  • Swapnil Jain [1]
Headquarters Bangalore, Karnataka, India
Products
Production output
Increase2.svg 51,749 [2]  (2022)
RevenueDecrease2.svg₹1,754 crore (US$200 million) (FY24) [3]
Increase2.svg₹−1,059 crore (US$−120 million) (FY24)
Owner Hero MotoCorp (37.2%)
NIIF(10.24%)
GIC (15.04%)
Tarun Mehta (6.63%)
Swapnil Jain (6.63%) [4]
Website atherenergy.com
Footnotes /references
[5]

Ather Energy is an Indian electric two-wheeler manufacturer headquartered in Bangalore. It was founded by Tarun Mehta and Swapnil Jain in 2013. It currently manufactures electric scooters including the Ather 450 Apex, Ather 450S, Ather 450X, Ather 450X Pro, and Ather Rizta. It has EV manufacturing facilities in Whitefield, Bangalore and Hosur, Tamil Nadu. [6] [7]

Contents

It is India's fourth-largest[ timeframe? ] electric two-wheeler manufacturer after Ola Electric, TVS Motor Company and Bajaj Auto. It has also established an electric vehicle charging network across India called Ather Grid.

History

Ather Energy was founded in 2013 by Tarun Mehta and Swapnil Jain.

In early 2014, it received ₹4.5 million (US$52,000) from the Technology Development Board under the Department of Science and Technology, IIT Madras and Srini V Srinivasan, an IIT alumnus and founder of Aerospike. [8] In December 2014, Flipkart founders, Sachin Bansal and Binny Bansal, invested $1 million as seed capital. [9] In May 2015, it received $12 million from Tiger Global for investments in development, testing, production and the launch of the vehicle. [10]

On 23 February 2016, the company unveiled its first scooter, the S340, at a technology conference Surge in Bengaluru. [11] [12] Hero MotoCorp invested ₹180 crore (US$21 million) in the Series B round of funding in October 2016. It invested again in 2018 to the tune of ₹130 crore (US$15 million). [13] [14]

In May 2019, Ather Energy raised $51 million in another round of funding, led by Sachin Bansal's investment of $32 million. Hero MotoCorp converted its convertible debt of $19 million as a part of this round. In addition to this, InnoVen Capital extended an $8 million venture debt. [15]

In December 2019, Ather Energy signed an MoU with the Government of Tamil Nadu to set up a 400,000 sq ft (37,000 m2) manufacturing plant for electrical vehicles in Hosur. The invested amount will be around ₹635 crore (equivalent to ₹789 croreorUS$91 million in 2023). [16] [17]

The company added two new products to its portfolio, the Ather 450X and the Ather 450 Plus, in January 2020. [18]

In July 2020, Ather Energy raised $11.4 million from Hero MotoCorp, as a part of its Series C round funding. [19] In November 2020, Ather Energy raised a fresh round of ₹260 crore (US$30 million) as a part of the Series D round, led by Sachin Bansal's investment of ₹170 crore (US$20 million) and $12 million by Hero MotoCorp. [20]

In September 2024, the company filed a DRHP with SEBI for a Rs 4,500 crore ($536.2 million) IPO at a valuation of $2.5 billion. The company said it will sell new shares worth $370 million in the IPO as well as up to 22 million shares from existing investors. [21]

Production and infrastructure

Ather Energy began operations at its production facility in Hosur, Tamil Nadu, on 2 January 2021. [22] The new Ather factory has an annual capacity of 110,000 scooters and 120,000 battery packs. [23] The company currently has a presence in 27 cities across 15 states. [24]

Ather Energy also establishes Ather Grid, an electric vehicle charging infrastructure, in the cities it is present in. The company has set up over 1000 fast charging points in 80+ cities across India as of May 2023.

Products

Ather 450S

The Ather 450S was launched on August 11, 2023, 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, and it has a top speed of 90 km/h. It takes 6 hours 36 minutes from 0–80% and 8 hours 36 minutes from 0–100% with a portable home charger. [25]

It has features like an emergency stop signal (ESS), Vehicle FallSafe, a guide-me-on light, Trip Planner, and Theft & Tow Alerts. [26]

Ather 450X

Ather 450X has a 4G SIM card and Wi-Fi, along with Bluetooth connectivity and the new 7” touchscreen dashboard. It comes with a color depth of 16 million and a Snapdragon Quad Core processor. Ather 450X utilizes 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.

The Ather mobile app offers charging status, push navigation, theft & tow detection, live location & vehicle state tracking, a voice assistant and welcome lights. Ather 450X supports connected accessories like smart helmets and tire-pressure monitoring systems (TPMS). [27]

Ather 450

The Ather 450 is constructed using an all-aluminium 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 (107 km in the Indian driving cycle).

Other services

OTA updates

Ather Energy provides over-the-air (OTA) updates for its electric scooters. Ather Energy has rolled out 13 OTA updates as of 2020. [28]

Ather Grid

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. The charging points are also equipped with a 3-pin socket to supply AC power to other electric vehicles that do not use Ather's connector. Other vehicles can connect to the charging point and start charging using the Ather Grid app for iOS and Android. [29]

More than 120 fast charging grid points are installed across 18 cities in India. Ather has plans to set up around 300 fast charging stations across India by the end of 2021. Ather also sets up a home charging point at customer's homes which will charge the Ather 450X overnight.

Ather Space

Ather Energy operates Experience Centers through its licensed dealer network. Ather currently has over 175 experience centers in 96 cities in India. [30]

See also

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References

  1. ↑ "Tarun Mehta & Swapnil Jain: Electrifying Scooters". Forbes India.
  2. ↑ "Ola Electric Leads E2W Sales In 2022, TVS, Ampere Catching Up". Mobility Outlook. Retrieved 24 June 2023.
  3. ↑ "After 4X growth in FY23, Ather Energy's revenue declines in FY24". Entrackr. 7 June 2024.
  4. ↑ "Ather files DRHP to raise Rs 3,100 Cr via IPO; Hero MotoCorp won't sell shares". Entrackr. 9 September 2024.
  5. ↑ "Ather Energy To Set Up New Factory, Increase Production Capacity". NDTV. Retrieved 23 December 2019.
  6. ↑ "Ather Energy rolls out five-year loan plan to fuel EV adoption". The Times of India. 7 June 2023. ISSN   0971-8257 . Retrieved 24 June 2023.
  7. ↑ "Ather Energy sells 15,256 e-scooters in May 2023: Highest-ever monthly sales". Financialexpress. 2 June 2023. Retrieved 24 June 2023.
  8. ↑ "Flipkart founders invest $1 million in Ather Energy". The Hindu.
  9. ↑ "Flipkart founders lead $1M investment in electric scooter startup Ather Energy". Tech Crunch.
  10. ↑ "Bansals backed Ather Energy raises $12M from Tiger Global". Business Standard.
  11. ↑ "Ather Energy showcases S340, 'India's first smart scooter' at Surge 2016". Tech2. 25 February 2016.
  12. ↑ "5,000+ attendees from 72 countries on their way to SURGE". SurgeConf.
  13. ↑ "Hero MotoCorp To Invest Up To ₹ 205 Crore In Ather Energy". NDTV Auto.
  14. ↑ "Hero MotoCorp to refuel Ather Energy with $19 mn". VCCircle. 25 July 2018. Retrieved 30 July 2018.
  15. ↑ "India's Ather Energy raises $51 million to grow its electric scooters business". TechCrunch. Retrieved 29 May 2019.
  16. ↑ "Ather Energy to set up electric vehicle manufacturing facility at Hosur in TN - Times of India". The Times of India. 2 December 2019. Retrieved 23 December 2019.
  17. ↑ "Ather 450 to roll out of new Hosur plant in Tamil Nadu". Autocar India. Retrieved 23 December 2019.
  18. ↑ "Ather Energy launches its second e-scooter 450X at Rs 1.5 lakh, enters Delhi market in July". www.businesstoday.in. 28 January 2020. Retrieved 13 August 2020.
  19. ↑ "Ather Energy gets fresh funding of Rs 84 crore more from Hero MotoCorp". Autocar Professional.
  20. ↑ "Ather Energy raises Rs 260 crore in latest round of funding". Autocar India.
  21. ↑ Singh, Manish (9 September 2024). "EV startup Ather seeks to raise $530 million in India IPO". TechCrunch. Retrieved 9 September 2024.
  22. ↑ "Ather Energy Hosur Plant Visit – A Peek into the Future of Electric Scooters in India". News 18.
  23. ↑ "Ather rides on fresh demand for electric vehicles". Financial Express.
  24. ↑ "Inside Ather Energy's Manufacturing Facility: 1 Scooter Built Every 4 Minutes". Car and Bike.
  25. ↑ Rao, Rakesh. "Ather 450S Price, Range, Battery Charging Time, Features & Specifications". Electric India Today. Retrieved 28 December 2023.
  26. ↑ "Ather 450S Specifications, Features, Mileage, Weight, Tyre Size". BikeDekho.
  27. ↑ "Ather 450X First Ride Review". OVERDRIVE.
  28. ↑ "OTA Updates". Archived from the original on 13 January 2020.
  29. ↑ "Ather Energy unveils its charging infrastructure network AtherGrid". The Economic Times. Retrieved 25 January 2021.
  30. ↑ "Ather Energy selects Siemens Xcelerator portfolio to speed development of electric mobility solutions" Siemens. Retrieved January 12, 2025.
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