Ather Energy Set to Enter Sri Lankan Market in Upcoming Quarter

• ByStartupStory     |    August 23, 2024

Ather Energy, the Bengaluru-based electric vehicle (EV) manufacturer, announced on Thursday its plans to expand into the Sri Lankan market in the upcoming quarter. This move comes shortly after the company secured funding from the National Investment and Infrastructure Fund (NIIF) at a unicorn valuation. Sri Lanka will be Ather’s second international market, following its successful entry into Nepal last year.

To facilitate this expansion, Ather Energy has partnered with Evolution Auto Pvt Ltd, a joint venture between Sensex Capital Partners, Atman Group, and Sri Lanka-based Sino Lanka Private Ltd. Evolution Auto will serve as the national distributor for Ather in Sri Lanka, managing the company’s sales and service operations. Ather Energy plans to set up an experience center in the country through this partnership, providing customers with the opportunity to interact with and test the company’s electric scooters.

In addition to sales and service operations, Ather Energy is committed to establishing a robust network of fast-charging infrastructure across Sri Lanka to support the adoption of electric vehicles. This initiative aligns with Ather’s broader mission to accelerate the transition to sustainable transportation.

“We are thrilled to enter the Sri Lankan market. Sri Lanka has been a part of our global expansion plans after Nepal, where we established our presence last year,” said Ravneet Singh Phokela, Chief Business Officer, Ather Energy. “With the increasing cost of ownership of petrol vehicles and the economic and environmental benefits of electric vehicles, the Sri Lankan market has shown an increasing preference for EVs. Ather’s electric scooters are known for their performance, design, and reliability, through which we aim to appeal to new-age Sri Lankan customers, who appreciate quality modern products.”

Ather Energy’s entry into Sri Lanka marks a significant milestone in the company’s international expansion strategy, as it seeks to tap into the growing demand for electric vehicles in the region. The company’s electric scooters have gained a reputation for their high performance, innovative design, and reliability, attributes that Ather hopes will resonate with Sri Lankan consumers.

Ather Energy currently competes with newly-listed Ola Electric in the EV market and reportedly has plans to list on the Indian stock exchanges next year.

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