Ather Energy to enter Sri Lanka market as part of international expansion

The announcement also comes at a time when Ather is preparing to go public by 2025.

Ather Energy, the electric two-wheeler manufacturer, is set to expand its international footprint by entering the Sri Lankan market in the upcoming quarter through a partnership with Evolution Auto. This move is part of Ather’s broader global expansion strategy, which also includes its recent foray into Nepal announced in November 2023.

Ravneet Singh Phokela, Chief Business Officer at Ather Energy, expressed enthusiasm about this new market entry: “We are thrilled to enter the Sri Lankan market. Sri Lanka has been a key component of our global expansion plans following our successful establishment in Nepal last year. With rising petrol vehicle ownership costs and the significant economic and environmental benefits of electric vehicles, we have observed a growing preference for EVs in Sri Lanka.”

Under the agreement, Evolution Auto Pvt Ltd will serve as Ather Energy’s national distributor in Sri Lanka, overseeing sales and service operations. Additionally, Ather will work on developing a network of fast-charging infrastructure throughout the country to facilitate the adoption of electric vehicles. Evolution Auto is a joint venture involving Sensei Capital Partners, Atman Group, and Sino Lanka Private Limited.

In Nepal, Ather has already inaugurated its first Experience Centre and established three more centres along with seven fast-charging grids. In India, Ather boasts a robust retail network with 208 Experience Centres and 1,973 fast-charging points under the Ather Grid.

The domestic Electric Two-Wheeler (E2W) industry saw monthly sales cross the one-lakh mark in July. The top four OEMs in July were Ola Electric in the leading position, followed by TVS Motor, Bajaj Auto, and Ather Energy.

Hero MotoCorp-backed Ather Energy ranked fourth in the pecking order, with sales going up to 10,080 units in July from 6,192 units in June, achieving a 63 percent month-on-month growth and a nine percent market share.

The announcement also comes at a time when Ather is preparing to go public by 2025. The firm has picked HSBC Holdings Plc, Nomura Holdings Inc. and JPMorgan Chase & Co. to help arrange its initial public offering.

Founded in 2013 by IIT Madras graduates Tarun Mehta and Swapnil Jain, Ather Energy has to date sold over 1.73 lakh electric scooters. HeroMoto Corp, Tiger Global and GIC back it.