WOW STORY OF THE DAY: Grid Before the Glide: How Ather Energy Charged India’s EV Future Before Selling a Single Scooter

In India’s electric vehicle (EV) race, Ather Energy isn’t just keeping pace — it’s setting the track. Founded in 2013 by Tarun Mehta and Swapnil Jain, two IIT Madras alumni, Ather began as a college project and has since evolved into a ₹2,305 crore revenue powerhouse. But what truly sets Ather apart is its audacious decision to build Ather Grid, a public charging network, before selling a single scooter.

This strategic leap in 2015 gave Ather a first-mover advantage in infrastructure — a challenge that still stumps many EV startups. Today, Ather Grid spans 100+ cities, offering fast, accessible charging and making EV ownership seamless for thousands of users.

Ather’s flagship scooters — the 450X and 450S — are known for their performance, design, and smart features. In FY25 alone, the company sold 155,394 vehicles, marking a 42% YoY growth. Their adjusted gross margin doubled from 9% to 19%, and EBITDA losses narrowed by 18%, signaling a clear path to profitabilityIPO Central+1.

Even as early investor Tiger Global exited with ₹1,204 crore, market confidence in Ather remains strong. With plans to expand manufacturing and deepen its charging network, Ather is gearing up to become India’s Tesla — but with a distinctly local twist.

Major Takeaways & Notable Highlights:

Charging First, Scooters Later: Ather built Ather Grid before launching its first product — a rare infrastructure-first strategy.

Revenue Surge: FY25 revenue hit ₹2,305 crore, up 29% YoY, with strong margin improvements.

Vehicle Sales Boom: Over 155K scooters sold in FY25 — a 42% increase from the previous year.

Smart Engineering: Scooters feature touchscreen dashboards, over-the-air updates, and regenerative braking.

Investor Confidence: Despite Tiger Global’s exit, Ather’s valuation and growth trajectory remain robust.

Ather Energy didn’t just build scooters — it built a movement. By charging ahead with infrastructure and innovation, it’s proving that India’s EV future is already here — and it’s electric.

Sources: BusinessWorld, IPO Central, Entrackr