Ather Energy expands into Sri Lanka with EV market entry
Ather Energy, a leading Indian electric two-wheeler manufacturer, is entering the Sri Lankan market, following its successful expansion into Nepal. The company plans to open its first experience centre in Sri Lanka next quarter through a partnership with Evolution Auto, which will manage sales and service operations.
To support EV adoption, Ather will also develop a fast-charging network across Sri Lanka. This move aligns with the growing demand for EVs in Sri Lanka due to high petrol costs and environmental concerns.
In India, Ather operates 208 experience centres and nearly 2,000 fast chargers, having sold around 245,000 e-scooters from January 2020 to August 2024. Despite facing strong competition, Ather holds a 10% market share of the 690,000 electric two-wheelers sold this year.
Operating at a loss, Ather reported a Rs 10.59 billion loss in FY24, with flat revenue of Rs 17.89 billion. The company is planning an IPO by 2025, with HSBC, Nomura, and JPMorgan as advisors.