- Ather Energy secured Rs. 900 crore in funding and focuses on domestic expansions.
- The firm is preparing to debut internationally in key markets such as Southeast Asia, Latin America, and Europe.
Ather Energy, an electric two-wheeler manufacturer, is gearing up to establish a new manufacturing facility to boost its production capacity. The company, currently in talks with several state governments, aims to finalise a location outside Tamil Nadu, where its existing plant resides. Once both facilities are up and running, Ather expects its combined annual production capacity to hit 4,20,000 units, per Phokela.
As reported by the Business Line, the firm is also preparing for its international debut in key markets such as Southeast Asia, Latin America, and Europe. The company has spotted a significant demand for electric two-wheelers in these regions and plans to seize this opportunity. The Chief Business Officer of Ather Energy, Ravneet Phokela, said, “We might make an announcement as early as the next couple of months for the first (international) market.”
In the financial year 2023 (FY23), the firm’s revenue rose to Rs. 1,783 crore from Rs. 408 crore in FY22. However, the company also lost Rs. 864.5 crore in FY23 compared to Rs. 344.1 crore in FY22. Ather Energy has also secured Rs. 900 crore in funding from investors like Hero MotoCorp and GIC. The company plans to use these funds to launch new products, expand charging infrastructure, and grow the retail network across India.
Currently operating in 100 cities with around 150 experience centres throughout India, Ather Energy plans to extend its reach to 130 to 150 cities. The firm will as well set up 180 experience centres by the end of this fiscal year. The company competes with major players in India’s electric two-wheeler market, such as Ola Electric, Bajaj, and TVS. Together, these four companies control 80 per cent of the market share in this segment. Ather Energy alone enjoys a 13 to 15 per cent market share.