Ather Energy to Expand Global E-Scooter Footprint with Entry into Sri Lankan Market

Ather Energy, a prominent Indian electric two-wheeler manufacturer, is set to broaden its global presence by entering the Sri Lankan market. The company will launch its first experience centre in Sri Lanka in the next quarter, marking its second international expansion following its entry into Nepal in November 2023.

The expansion will be carried out in collaboration with Evolution Auto, a joint venture between Sensei Capital Partners, Atman Group, and Sino Lanka. Evolution Auto will act as the national distributor for Ather in Sri Lanka, managing both sales and service operations. Ather Energy also plans to establish a network of fast-charging infrastructure across the country to support the growth of electric vehicle (EV) adoption.

Ravneet Singh Phokela, Chief Business Officer at Ather Energy, expressed enthusiasm about the new market entry. He highlighted the increasing preference for EVs in Sri Lanka due to rising petrol prices and environmental concerns. “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,” Phokela said.

Zahran Ziyawudeen, CEO of Evolution Auto, emphasized the mission to promote sustainable transportation in Sri Lanka and expressed excitement about partnering with Ather. “We are thrilled to collaborate with an industry leader like Ather Energy to introduce a top-tier range of electric scooters in Sri Lanka,” Ziyawudeen noted.

Ather Energy, which currently operates 208 experience centres and nearly 2,000 fast chargers in India, has sold approximately 245,000 e-scooters in the country from January 2020 to August 22, 2024. The company’s product lineup in India includes the 450S, 450X, 450 Apex, and Rizta models.

In Nepal, Ather offers the 450X models with 2.9 kWh and 3.7 kWh battery options. The company has declined to comment on the total number of vehicles sold in Nepal or the specific products planned for Sri Lanka.

Despite its growth, Ather Energy faces a competitive market landscape, holding a 10% share of the 690,000 electric two-wheelers sold in India this year. Founded in 2013, Ather is still operating at a loss. In FY24, the company’s losses increased by over 22% to Rs 1,059 crore, while revenue remained relatively stable at Rs 1,789 crore.

Looking ahead, Ather plans to enter the public market by 2025 and has engaged HSBC Holdings Plc, Nomura Holdings Inc., and JPMorgan Chase & Co. to facilitate its initial public offering.

BS