Bengaluru-based startup Ather Energy is backed by Hero MotoCorp and Sachin Bansal, and manufactures premium retail scooters. They launched their first Scooter Ather 450 in 2018, which grabbed a sufficient market share within a few months.
The launch of their second Scooter, Ather 450X, came about in early 2020 for Rs 99,000 plus a subscription plan. The Scooter is available with two performance packs specifically, Pro and Plus, priced at Rs 1699 and Rs 1999, respectively. Moreover, the company plans to expand to 24 more cities soon. In February 2020, CEO Tarun Mehta announced the decision to expand operations to four more cities – Delhi, Mumbai, Pune, and Hyderabad.
Within a year of Ather 450’s launch, the company received requests from more than 700 dealerships across the country. Addressing the business model followed by Ather, it is customer-friendly and reasonable. Instead of making the customer purchase the battery along with the scooter upfront, Ather offers a monthly subscription for the battery along with a favourable replacement policy.
Till 2019, the six-year-old startup has managed to raise $90 million. Also, it was valued at $400 million in its investment round of FY 2019.
Apart from the pivotal service of scooters, Ather also has its charging network. Ather Grid is a charging network across its urban centres that will allow users to stay on-the-go. The Grid currently operates in Bengaluru and Chennai and Ather Energy will soon broaden its reach nationwide.
Moreover, by 2023, the company plans to expand its product portfolio. The startup is aiming to grow its presence to more than 30 cities, with over 6,500 charging stations. It is also striving to increase the production capacity to a million scooters in a year. As per the CEO and co-founder Tarun Mehta, Ather 450 is “the most powerful smart scooter in the Indian market”.