Ather to enter Sri Lanka as e-2-wheeler maker expands footprint

Electric two-wheeler maker Ather Energy has announced plans to venture into Sri Lanka.

The Bengaluru-headquartered firm will open an ‘experience center’ in that country in the next quarter, the company said.

The company’s expansion into Sri Lanka marks its second international venture, following its entry into Nepal in November last year.

“Sri Lanka… Wheee are coming soon! We’ve been wanting to enter the market ever since we expanded to Nepal last year. These are pictures of our scooters at Independence Square, Colombo. Looks like it fits into the Sri Lankan landscape just right,”Ather Energy co-founder and chief executive Tarun Mehta posted on X (formerly Twitter).

https://x.com/tarunsmehta/status/1826591601701126458

Ather plans to enter the South Asian nation in partnership with Evolution Auto, a joint venture between investment firms Sensei Capital Partners, Atman Group, and Sino Lanka.

Evolution Auto will be the local distributor for Ather e-scooters, managing both sales and service operations.

The two-wheeler maker has also unveiled plans to set up a network of fast-charging infrastructure in the country to support the growth of electric vehicles (EVs).

“Ather’s e-scooters are recognized for their performance, design, and reliability. We aim to cater to the modern Sri Lankan consumer who values high-quality products,” Ravneet Singh Phokela, chief business officer at Ather Energy, said.

“We are thrilled to collaborate with an industry leader like Ather Energy to introduce a top-tier range of electric scooters in Sri Lanka,” Evolution Auto chief executive Zahran Ziyawudeen said.

Ather Energy operates 208 ‘experience centres’ and about 2,000 fast-chargers in India, and has sold about 245,000 e-scooters in the country from January 2020 till 22 August.

The company’s product lineup in India includes the 450S, 450X, 450 Apex, and Rizta models.

In Nepal, Ather rolled out its 450X models with 2.9 kWh and 3.7 kWh battery options.

Ola Electric, TVS Motor, and Ather were the top 3 e-scooter makers in FY24, accounting for more than 65% market share in the registered vehicle sales category.

Ather holds a 10% share in the 690,000 electric two-wheelers sold in India this year.

Annual losses at the initial public offer (IPO)-bound company rose by over 22% to ₹1,059 crore in the fiscal to March 2024, while revenues were stable at ₹1,789 crore.

Ather, which plans to go public next year, has tapped Nomura Holdings Inc., HSBC Holdings Plc, and JPMorgan Chase & Co.