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Ather Energy

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Ather Energy Ltd.
Company typePrivate
Industry
Founded2013; 11 years ago (2013)
Founder
  • Tarun Mehta
  • Swapnil Jain[1]
HeadquartersBangalore, Karnataka, India
Products
Production output
Increase 51,749[2] (2022)
RevenueDecrease ₹1,754 crore (US$210 million) (FY24)[3]
Increase ₹−1,059 crore (US$−130 million) (FY24)
OwnerHero MotoCorp (37.2%)
NIIF(10.24%)
GIC (15.04%)
Tarun Mehta (6.63%)
Swapnil Jain (6.63%)[4]
Websiteatherenergy.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]

It is India's third-largest 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

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

In early 2014, it received ₹4.5 million (US$54,000) 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$22 million) in the Series B round of funding in October 2016. It invested again in 2018 to the tune of ₹130 crore (US$16 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 a 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 crore or US$95 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$31 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

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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

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Ather Rizta

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The Ather Rizta is an family electric scooter. Rizta was revealed on April 6, 2024, at the Ather Community Day 2024. Developed under codename project Diesel, It is slated to be the brands most mass-market model yet. The new family electric scooter will primarily focus on practicality, usability, and space.

Ather Apex

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The Ather Apex is a limited edition of the 450X. It was launched on January 6, 2024. It featured a special blue (Indium Blue) and orange colourway with translucent side panels. It also had new features like Magic Twist. Top speed was improved to a 100km/h in a mode called Warp .

Ather 450S

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Ather 450S was officially 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 emergency stop signal (ESS), Vehicle FallSafe, a guide-me-on light, Trip Planner, and Theft & Tow Alerts.[26]

Ather 450x (Gen 4)

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Ather Energy has also introduced the Ather Stack 6.0 software with improved graphics. The software includes features such as Wings of Power, Google Maps, Coasting Regen and Auto Hold. However, Auto Hold is only available for the Gen 4,3 and Gen 3.1 models. The Gen 2 model does not support this feature due to different motor controllers. The Ather 450X Gen 4 includes new colour options and upgraded software.

Ather 450x (Gen 3.1)

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Launched on 7 January 2023. Ather Energy has also introduced the Ather Stack 5.0 software with improved graphics. The software includes features such as Wings of Power, Google Vector Maps, and Auto Hold. However, Auto Hold is only available for the Gen 3 and Gen 3.1 models. The Gen 2 model does not support this feature due to different motor controllers. The Ather 450X Gen 3.1 includes new colour options and upgraded software.

Ather 450X (3rd Generation)

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Ather 450X (3rd Generation) was launched on 19 July 2022 with improved range and other features. This new 3rd generation Ather 450x has a more powerful battery with 3.66 kWh.

Ather Series 1

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The limited-edition Ather 450X Series 1 scooter was available only to those Ather Energy enthusiasts who pre-ordered the scooter before the national launch of the Ather 450X on January 28, 2020.

The Ather 450X Series 1 has translucent panels in the rear, that offer a peek inside the scooter. Ather Energy's distinct cast aluminium chassis is visible under the seat and the trellis frame. The Series 1 comes with a high-gloss metallic black body colour combined with accents of red. These colours also feature on the 7” touchscreen dashboard of the Series 1 scooters, with a special intro screen and subtle hints of red in the UI designed for the scooters.

Ather Energy started deliveries of its latest Ather 450X Series 1 from November 2020.

Ather 450X

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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

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Main article: 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).

Ather Energy also offers an upgraded version of Ather 450 called the Ather 450 Plus, which has a top speed of 70 kmph and a true range of 70 km in Eco mode. The Ather 450 Plus offers 4G connectivity, onboard navigation, and other connected features but does not have Bluetooth connectivity or Warp mode.

Other services

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OTA updates

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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

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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

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Ather Energy operates Experience Centres through its licensed dealer network. Ather currently has around 140 experience centers in 96 cities in India.

See also

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References

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  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.
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