Ather Energy
Acquisitions
3
Major Deals Covered
$35M
Disclosed Deal Value
Ather Energy's largest disclosed acquisition here is Autovert Mobility Technology for $14M in 2023. This page covers 3 major deals from 2021 to 2023, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| Sanvaru Technology Battery IP | 2021 | $12.0M | Acquired specialized lithium-ion battery management patents and cylindrical cell testing assets. |
| Ampere Smart Charging Network Assets | 2022 | $8.5M | Acquired public fast-charging grid infrastructure assets across southern Indian metropolitan transit routes. |
| Autovert Mobility Technology | 2023 | $14.0M | Acquired specialized EV vehicle leasing and battery-as-a-service (BaaS) financial underwriting software. |
2023
$14M
Acquired specialized EV vehicle leasing and battery-as-a-service (BaaS) financial underwriting software.
Allowed Ather to offer retail consumers flexible subscription and battery leasing plans, lowering initial vehicle purchase prices.
Significantly boosted retail conversion rates for the Ather Rizta family electric scooter.
2022
$9M
Acquired public fast-charging grid infrastructure assets across southern Indian metropolitan transit routes.
Accelerated the density of the Ather Grid public fast-charging network across Bengaluru, Chennai, and Hyderabad.
Expanded Ather Grid to over 1,500 public charging points across India.
2021
$12M
Acquired specialized lithium-ion battery management patents and cylindrical cell testing assets.
Strengthened Ather's in-house battery engineering and accelerated thermal management development for tropical climates.
Directly improved battery longevity and charging performance on the Ather 450X electric scooter.
Ather is widening its price range downward and its geography outward at the same time. The Rizta took it into the family-scooter segment in 2024 and the Konarc took it below ~$1,160 (INR 1 lakh) in 2026, both aimed at buyers who would otherwise choose a petrol scooter. Distribution doubled to more than 700 Experience Centres in FY2026, with most of the new openings outside its southern strongholds, and market share reached 18.8 percent nationally in the quarter to December 2025. Charging coverage is expanding alongside, past 6,100 public fast chargers in more than 395 cities, and capacity is being added at Bidkin in Maharashtra.
Ather sells connected electric two-wheelers directly to consumers through Experience Centres, which it doubled to more than 700 in FY2026 from 351 a year earlier, backed by around 548 service centres. Vehicle sales are the bulk of revenue; non-vehicle revenue, covering accessories, spare parts, service and software, reached 14 percent of the total in the quarter to December 2025. The software layer is AtherStack, an in-house platform that pairs the vehicle control unit and battery management system with 4G telematics and the touchscreen dashboard, and is monetised through Ather Connect subscription packs that carry navigation, ride analytics and over-the-air updates. Ather also charges for use of the Ather Grid, sells home and fast chargers, and in May 2026 incorporated Ather Insurance Limited to distribute policies as a corporate agent once it has an IRDAI licence. Manufacturing is vertically integrated: battery packs, motors and electronics are assembled at its own plants in Hosur rather than bought in as finished modules.
No. Ather has not made acquisitions. It has grown organically through in-house engineering, and has expanded its corporate structure by incorporating new subsidiaries rather than buying existing businesses.
Ather incorporated Ather Insurance Limited in India on 27 May 2026 to distribute insurance as a corporate agent, pending an IRDAI licence, and Ather Energy Hong Kong Limited on 21 September 2026 to support sourcing and supply-chain work across the Asia-Pacific region.
Ather buys lithium-ion cells from external cell manufacturers and assembles the packs itself at Hosur, where installed capacity covers 379,800 packs a year. It designs the pack enclosure, thermal layout and battery management system in house.
Ather designs its permanent magnet synchronous motors and works with Indian suppliers to build them. In 2025 co-founder and CTO Swapnil Jain said Ather would remove heavy rare earth elements from the magnets in favour of light rare earth alternatives to cut supply-chain risk.
Ather and Hero MotoCorp agreed in December 2023 to open the Ather Grid and Hero's VIDA charging networks to each other's riders, a combined footprint of about 1,900 fast-charging points across 100 cities at the time. Ather has also offered to help other manufacturers adopt its connector free of charge.
Ather entered Nepal in November 2023 with the 450 series through national distributor Vaidya Energy, and Sri Lanka in December 2024 through Evolution Auto. It launched the Rizta in Sri Lanka at the Colombo Motor Show in November 2025.
Ather is using IPO proceeds and a ~$139 million (INR 1,200 crore) preferential issue completed in July 2026, which included ~$111 million (INR 960 crore) from Hero MotoCorp and ~$23.2 million (INR 200 crore) from the India-Japan Fund, to build Factory 3.0 at Bidkin in Maharashtra.
The Bidkin plant in Chhatrapati Sambhajinagar, Maharashtra is due to start production in December 2026 and reach full capacity from April 2027. Phase one adds 500,000 units a year and the site takes Ather's total installed capacity to 1.42 million vehicles annually.
As a hardware startup, Ather rarely executes massive acquisitions; instead, it heavily partners with massive legacy OEMs (like Hero MotoCorp) to standardize its fast-charging connector across India.
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