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Ather Energy ventures into auto insurance distribution

EntrackrEntrackr · 1m ago
Ather Energy ventures into auto insurance distribution
Medial

Ather Energy ventures into auto insurance distribution Electric two-wheeler maker Ather Energy is entering the auto insurance distribution space by incorporating a wholly owned subsidiary that will operate as a corporate agent, according to a recent filing with the National Stock Exchange (NSE). The subsidiary is yet to be incorporated and is awaiting approvals from the Registrar of Companies (RoC) and the Insurance Regulatory and Development Authority of India (IRDAI), the filing said. Ather will initially invest Rs 8 crore in the subsidiary, with additional investments planned as operations scale up. Through this move, Ather aims to streamline its insurance offerings, enhance customer experience, and diversify revenue streams by building a recurring income stream. By bringing insurance distribution in-house, the company plans to work with multiple partners, simplify renewals, introduce EV-specific insurance products, and improve insurance attach rates over time. According to Vahan data, Ather Energy retained its third position in November but saw a 30% month-on-month decline, with registrations falling to 20,018 units from 28,405 in October. The company holds a 17.43% market share. As of 2:10 PM, Ather’s shares were up over 4% and trading at around Rs 689, with a market capitalization of Rs 26,271 crore ($2.9 billion). For the second quarter, the company overtook its rival Ola Electric and posted a revenue of Rs 899 crore in Q2 FY26, increasing from Rs 583 crore in Q2 FY25. The company’s net losses reduced by 20% to Rs 157 crore in Q2 FY26 from Rs 197 crore in Q2 FY25.

After 4X growth in FY23, Ather Energy’s revenue declines in FY24

EntrackrEntrackr · 1y ago
After 4X growth in FY23, Ather Energy’s revenue declines in FY24
Medial

Following over four-fold growth during the financial year ending March 2023, electric scooter manufacturer Ather Energy saw a modest 1.5% decline in scale during the previous fiscal year (FY24). Ather’s revenue from operations decreased to Rs 1,754 crore in FY24 from Rs 1,781 crore in FY23, as per disclosure made by its associate company Hero Moto Corp in NSE filings. The sale of scooters was the primary source of revenue for Ather while after-sale and subscription services were other income channels. The company has not revealed its cost breakup and losses for the fiscal year ending March 2024. The Tarun Mehta-led firm’s revenue jumped by 4.36X while its losses grew 2.5X to Rs 864.5 crore in FY23. Hero Moto Corp is an associate company of Ather and now controls nearly 42% stake with its recent investment of Rs 124 crore ($15 million) which materialized early this week. Ather has raised over $550 million to date and was valued at $750 million during its Series E round. As per Vahan data, Ather was the fourth largest two wheeler EV manufacturer which controlled 9.45% market share in May. Ola Electric maintained the top position followed by TVS and Bajaj. Ather sold 6,024 units in the last month, up from 4,000 units in April. In March, its total sales stood at 17,000 units. Besides selling electric scooters, Ather is also expanding its rapid charging network across the country. As of December last year, it had 1,600 charging stations with a plan to increase it to 2,500 by March 2024.

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