Ather Energy Ltd

Ather Energy Limited was originally incorporated as 'Ather Energy Private Limited' dated October 21, 2013, issued by the Registrar of Companies, Tamil Nadu, Chennai. Upon the conversion of Company into a Public Limited, the name was changed to 'Ather Energy Limited', and a fresh certificate of incorporation dated August 27, 2024 was issued by the Registrar of Companies, Central Processing Centre. Ather Energy has been a pioneer in the Indian electric two-wheeler (E2W) market. The Company was founded by Tarun S Mehta and Swapnil B. Jain in 2013, focusing on product and technology development to build an E2W ecosystem. Ather Energy is a pure play EV company that designs all its products ground-up in India. It was the first two-wheeler OEM to establish a 2W fast charging network, the Ather Grid, in India. Ather launched its first product, the Ather 450, in June, 2018. With the Ather 450, it introduced connected features through a 3G SIM card, touchscreen dashboard, aluminium chassis and cloud integration as a pioneer in the E2W industry. It was the first E2W to offer a top speed of 80 kmph, comparable to internal combustion engine (ICE) scooters in 2018. Their E2W portfolio currently consists of two product lines, the Ather 450 and the Ather Rizta line, comprising a total of seven variants. Launched in April 2024, the Ather Rizta features a large seat, WhatsApp notifications displayed on vehicle dashboard, voice commands through Alexa Skills, up to 56 L of storage and introduced traction control to the Indian E2W market. Apart from these, the Company assemble E2Ws and manufacture battery packs at manufacturing factory located near Hosur, Tamil Nadu. At the Hosur Factory, the Company had a total annual installed capacity of 420,000 units for E2Ws and 379,800 units for battery packs as of December 31, 2024. In January 2025, Company introduced updated versions of the Ather 450 series, featuring performance enhancements such as multi-mode traction control and an increase of up to 14% in range for the Ather 450X 2.9 kWh variant, along with two new colour variants across the Ather 450 series. The Company raised Rs 2980.8 Cr through IPO by issuing an aggregate of 92,867,945 equity shares having the face value of Re 1 each, comprising a fresh issue of 81,816,199 equity shares aggregating to Rs 2626 Cr and by issuing 11,051,746 equity shares aggregating to Rs 354.8 Cr through offer for sale in April 2025. The Company is in the process of building the first phase of Factory 3.0 in Chhatrapati Sambhajinagar (formerly Aurangabad), Maharashtra, India to expand its total installed production capacity to 1.42 million E2Ws upon completion of phase two.