Ather Energy
Company History
Ather Energy History: Founding, Growth & Key Milestones
Founded 2013 in Bengaluru, India
When was Ather Energy founded?
Ather Energy was founded in 2013 in Bengaluru, India by Tarun Mehta and Swapnil Jain, making it 13 years old.
- Founded
- 2013
- Founding place
- Bengaluru, India
- Founders
- Tarun Mehta and Swapnil Jain
- Headquarters today
- Bengaluru, Karnataka, India
- Milestones documented
- 12 (2013–2026)
- Current CEO
- Tarun Mehta
| Year | Event |
|---|---|
| 2013 | Tarun Mehta and Swapnil Jain incorporate Ather Energy in Bengaluru |
| 2014 | Flipkart founders back Ather with its first outside capital |
| 2015 | Tiger Global leads a USD 12 million round |
| 2016 | S340 concept unveiled and Hero MotoCorp invests ~$20.9 million (INR 180 crore) |
| 2018 | Ather 450 and 340 go on sale with the Ather Grid |
| 2020 | Ather 450X launched in January |
| 2022 | Series E of USD 128 million and a second Hosur plant |
| 2023 | Ather's charging connector becomes India's national light-EV standard |
| 2024 | 450 Apex, the Rizta and unicorn valuation |
| 2025 | Ather lists on the NSE and BSE |
| 2026 | First EBITDA-positive quarter and the Konarc launch |
| 2026 | Hero MotoCorp lifts its holding to about 32.8 percent |
- Where was Ather Energy founded?
- Ather Energy was founded in Bengaluru, India in 2013.
- Who founded Ather Energy?
- Ather Energy was founded by Tarun Mehta and Swapnil Jain.
- When did Ather Energy start?
- Ather Energy was founded in 2013.
- How old is Ather Energy?
- Ather Energy is 13 years old as of 2026.
Founding Story
Tarun Mehta and Swapnil Jain met studying engineering design at IIT Madras and worked on research projects together. After graduating in 2012 Mehta joined Ashok Leyland and Jain joined General Motors, but both kept returning to the same problem: the battery packs in India's electric scooters degraded quickly and were the weakest part of the vehicle. They quit in 2013, went back to IIT Madras and set out to build a pack worth selling to existing manufacturers. Touring assembly lines convinced them no incumbent wanted a serious electric vehicle, so they decided to build the whole scooter. Professor Krishna Kumar at IIT Madras drew them into starting a company, gave them the first few lakhs and space to work. In early 2014 the Technology Development Board, IIT Madras and angel investor Srini V. Srinivasan put in ~$52,200 (INR 4.5 million), and in December that year Flipkart founders Sachin and Binny Bansal invested USD 1 million.
Founders
Tarun Mehta
Mehta co-founded Ather Energy in 2013 and has been chief executive throughout. He insisted on designing the battery pack, motor controller, chassis and vehicle software in house rather than assembling imported components, which delayed Ather's first commercial revenue to FY2019 but gave it a platform it could update over the air. He launched the Ather 450 alongside the company's own fast-charging network in 2018, widened the range with the Rizta in 2024 and the Konarc in 2026, and took Ather public on the NSE and BSE in May 2025. Tarun Mehta was born in 1989/1990.
Swapnil Jain
Swapnil Jain is co-founder, chief technology officer and an executive director of Ather Energy. He and Tarun Mehta met studying engineering design at IIT Madras and quit their jobs in 2013, Jain leaving General Motors, to work on electric two-wheeler battery packs. Jain owns vehicle architecture, battery and motor engineering and the AtherStack software platform, and has pushed Ather to develop its charging connector and motor technology in house. He told the Financial Express in 2025 that Ather would eliminate heavy rare earth elements from its motor magnets. Swapnil Jain was born in 1989/1990.
Key Milestones
Tarun Mehta and Swapnil Jain incorporate Ather Energy in Bengaluru
Mehta leaves Ashok Leyland and Jain leaves General Motors to work on lithium-ion battery packs, and register Ather Energy in Karnataka with incubation support from IIT Madras.
Source: en.wikipedia.orgFlipkart founders back Ather with its first outside capital
Early in 2014 Ather receives ~$52,200 (INR 4.5 million) from the Technology Development Board, IIT Madras and angel investor Srini V. Srinivasan; in December, Flipkart founders Sachin and Binny Bansal invest USD 1 million of seed capital.
Source: en.wikipedia.orgTiger Global leads a USD 12 million round
Tiger Global invests USD 12 million to fund development, testing, production tooling and the launch of Ather's first vehicle.
Source: en.wikipedia.orgS340 concept unveiled and Hero MotoCorp invests ~$20.9 million (INR 180 crore)
Ather shows the S340 concept scooter in Bengaluru on 23 February 2016, and in October Hero MotoCorp puts ~$20.9 million (INR 180 crore) into the Series B round, beginning a partnership that later made it the largest shareholder.
Source: en.wikipedia.orgAther 450 and 340 go on sale with the Ather Grid
Ather starts customer deliveries of the Ather 450 and the entry-level 340 in Bengaluru and opens its own fast-charging network, the Ather Grid, at the same time. The 340 is discontinued in September 2019 for want of demand.
Source: inc42.comAther 450X launched in January
The 450X replaces the 450 with a faster Warp mode, 4G connectivity and a touchscreen dashboard. Ather sold 3,007 scooters in the fiscal year to March 2020 on revenue of ~$4.09M (INR 35.3 Cr).
Source: inc42.comSeries E of USD 128 million and a second Hosur plant
In May 2022 Ather raises USD 128 million led by the National Investment and Infrastructure Fund and Hero MotoCorp. In November it opens its second Hosur factory, taking installed capacity at the site to 420,000 vehicles a year.
Source: m.economictimes.indiatimes.comAther's charging connector becomes India's national light-EV standard
In October 2023 the Bureau of Indian Standards approves the combined AC and DC connector Ather developed with ARAI, NITI Aayog and other makers as the national standard for light electric vehicles. In December Ather and Hero's VIDA open their charging networks to each other, and in November Ather starts exporting to Nepal, its first overseas market.
Source: indianexpress.com450 Apex, the Rizta and unicorn valuation
Ather launches the 450 Apex in January at ~$2,192 (INR 1.89 lakh) with a 100 km/h top speed and the Magic Twist throttle, adds the family scooter Rizta in April, and in August raises USD 71 million from NIIF at a USD 1.3 billion valuation.
Source: auto.economictimes.indiatimes.comAther lists on the NSE and BSE
The IPO raises ~$346 million (INR 2,981 crore) at an issue price of INR 321 per share and the stock lists on 6 May 2025 at INR 328 on the NSE before closing its first day at INR 300. In October Ather builds its 500,000th scooter.
Source: livemint.comFirst EBITDA-positive quarter and the Konarc launch
Ather sells 262,942 vehicles in FY2026 for ~$426M (INR 3,672 Cr) of revenue and cuts its net loss to ~$60M (INR 517 Cr). It reports its first EBITDA-positive quarter in the three months to June 2026, then launches the Konarc on 29 August on a cheaper steel-chassis EL platform from INR 99,999 ex-showroom.
Source: auto.economictimes.indiatimes.comHero MotoCorp lifts its holding to about 32.8 percent
After Tiger Global exits with a ~$140 million (INR 1,204 crore) sale in November 2025, Hero MotoCorp subscribes to ~$111 million (INR 960 crore) of warrants in a ~$139 million (INR 1,200 crore) preferential issue in July 2026 and then buys up to $204 million (INR 1,758 crore) of shares from another holder, taking its fully diluted stake from 29.88 percent to roughly 32.8 percent.
Source: ndtvprofit.comKeep researching Ather Energy
Ather Energy Company History FAQ
How did Ather Energy start between 2013 and 2018?
Tarun Mehta and Swapnil Jain left Ashok Leyland and General Motors in 2013 to work on electric scooter battery packs, incorporated Ather in Bengaluru, raised seed money from Flipkart's founders in December 2014 and USD 12 million from Tiger Global in May 2015, and began customer deliveries of the Ather 450 in 2018.
When did Hero MotoCorp first invest in Ather Energy?
Hero MotoCorp invested ~$20.9 million (INR 180 crore) in Ather's Series B round in October 2016 and put in a further ~$15.1 million (INR 130 crore) in 2018. It has added to its holding repeatedly since and held roughly 32.8 percent on a fully diluted basis by September 2026.
When did Ather launch the 450X?
Ather launched the 450X in January 2020, replacing the original 450 with a faster Warp mode, 4G connectivity and a touchscreen dashboard. Ather sold 3,007 scooters in the fiscal year to March 2020.
When did Ather open its factories in Hosur, Tamil Nadu?
Ather opened its first Hosur plant in 2021 and a second in November 2022, taking installed capacity at the site to 420,000 vehicles a year alongside 379,800 battery packs.
When did Ather's charging connector become India's national standard?
In October 2023 the Bureau of Indian Standards approved the combined AC and DC light-EV charging connector that Ather developed with ARAI, NITI Aayog and other manufacturers as the national standard for electric two-wheelers, three-wheelers and micro cars.
What did Ather launch in 2024?
Ather launched the 450 Apex in January 2024 at ~$2,192 (INR 1.89 lakh), with a 7.0 kW motor, a 100 km/h top speed and the Magic Twist regenerative throttle, and the family scooter Rizta in April 2024 with a longer seat, 34-litre storage and SkidControl.
When did Ather Energy go public?
Ather listed on the NSE and BSE on 6 May 2025 after an IPO of ~$346 million (INR 2,981 crore) priced at INR 321 per share. The stock opened at INR 328 on the NSE and closed its first day at INR 300.
What changed for Ather in FY2026 and FY2027?
Ather sold 262,942 vehicles in FY2026 for ~$426M (INR 3,672 Cr) of revenue and cut its net loss to ~$60M (INR 517 Cr). It doubled its retail network past 700 Experience Centres, reported its first EBITDA-positive quarter in June 2026, and launched the Konarc on 29 August 2026 from INR 99,999.
When was Ather Energy founded?
Ather Energy was founded in 2013 by Tarun Mehta and Swapnil Jain, two IIT Madras graduates who wanted to build India's first smart electric scooter from scratch.
Related Strategic History
Compare founding milestones and corporate evolution
Explore Ather Energy
Core profile pages, founders and related research hubs for this company.