Ather Energy Marks Second Overseas Foray With Sri Lanka To Drive EVs Adoption

Just days after joining the unicorn club, electric two-wheeler maker Ather Energy has now expanded into Sri Lanka, marking its second overseas foray after Nepal.

In November last year, the company commenced its maiden international operations with Nepal, and plans to launch its first experience centre in Sri Lanka in the next quarter through a collaboration with Evolution Auto Pvt Ltd, a joint venture among Sensei Capital Partners, Atman Group and Sino Lanka Private Limited.

Evolution Auto Pvt Ltd will serve as Ather Energy’s national distributor in Sri Lanka, managing sales and service operations, the company said in a statement.

Apart from retailing its electric scooter range, the company will also focus on building a fast charging network across the market for easy adoption of EVs.

“Sri Lanka has been a part of our global expansion plans after Nepal. With the increasing cost of ownership of petrol vehicles and the economic and environmental benefits of electric vehicles, the Sri Lankan market has shown an increasing preference for EVs,” said Ather Energy’s CBO Ravneet Singh Phokela. 

“Our mission at Evolution Auto is to pioneer sustainable transportation in Sri Lanka, making eco-friendly electric mobility accessible and efficient for all,” said Evolution Auto’s CEO Zahran Ziyawudeen. 

Founded in 2013 by IIT Madras alumni Tarun Mehta and Swapnil Jain, Ather Energy currently offers electric scooters including the Ather 450X and 450S. It recently introduced its first family scooter, Rizta, in April 2024.

In India, Ather claims to have expanded its retail network to 208 experience centres and installed 1,973 fast-chargers across the country as of March 31, 2024. The company’s Nepal operations, launched last year, now include 3 experience centres and 7 fast-charging grids.

Last week, Ather secured funding of INR 600 Cr ($71 Mn) from existing investor National Investment and Infrastructure Fund (NIIF) at a post-money valuation of $1.3 Bn.

Ather is the latest to join India’s unicorn club this year after Bhavish Agarwal’s AI startup Krutrim AI, fintech SaaS startup Perfios and ride-hailing portal Rapido.

Prior to that, in June, the electric two-wheeler manufacturer’s board passed a resolution during its annual general meeting, to convert the startup into a public company from private as it gears up for an initial public offering (IPO) later this year.

Ather Energy’s net loss widened 22.5% to INR 1,059.7 Cr in FY24 from INR 864.5 Cr in the previous fiscal year.

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