Ather Energy shares gain 4% as board approves foray into insurance

Ather Energy shares gain.

Ather Energy shares rose nearly 4 percent on Friday after the company’s board approved its entry into the insurance business.

The stock was trading at Rs 688.35 on the NSE at around 2.50 pm, up 3.85 percent.

The gains came after the company informed stock exchanges that its board has approved plans to foray into auto insurance services through the incorporation of a wholly owned subsidiary. The proposed entity will operate as a corporate agent.

The subsidiary will offer auto insurance products in partnership with multiple insurers and cater to Ather’s customers across the country. The company said the move will help streamline its insurance offerings and improve the overall ownership experience.

By bringing insurance distribution in-house, Ather aims to work with several insurance partners and develop products tailored for electric vehicles, while also simplifying renewals and enhancing customer engagement.

"This is a measured but deliberate step, focused on strengthening the ownership experience while building a capability that complements our core offering and scales with the business," Ravneet Singh Phokela, Chief Business Officer, Ather Energy, said.

The company said the move is part of its broader strategy to build an integrated ecosystem around its electric two-wheelers, covering vehicles, charging infrastructure, servicing, accessories, software and related products, including insurance.

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