Ather Grid

Sector: EV Charging Infrastructure  |  HQ: Bengaluru, Karnataka, India  |  Founded: 2018  |  Employees: unknown

Listed as: Privately held  | 

Company overview

Ather Grid is the public charging network operated by Ather Energy, the Bengaluru based electric two wheeler manufacturer behind the Ather 450X and 450S scooters and the Ather Rizta family scooter. Launched in 2018, Ather Grid was India's first dedicated public fast charging network for electric two wheelers and has since opened up to support electric vehicles from other manufacturers as well. The network deploys Ather branded fast chargers, called Ather Grid points, in shopping malls, fuel stations, highway dhabas, office complexes and residential clusters across major Indian cities, with a strong presence in Bengaluru, Chennai, Hyderabad, Delhi NCR, Mumbai, Pune and tier two cities along expanding intercity corridors. Ather Grid is positioned as a critical enabler of two wheeler EV adoption rather than a profit centre in its own right, with Ather Energy using the charging footprint as a differentiator that supports vehicle sales. The chargers are interoperable with non Ather electric two wheelers through DC fast charging via the Bharat DC 001 and AC charging standards, and customers locate and pay for sessions through the Ather mobile application. The business is part of Ather Energy, which is backed by Hero MotoCorp, Tiger Global, GIC and the founders.

Competitive position

Ather Grid is one of the largest electric two wheeler focused charging networks in India, operating thousands of charging points across the country. It competes broadly with Bolt.Earth, which operates a software led network of low power chargers across India, with ChargeZone and Statiq in four wheeler and bus focused fast charging, and with Tata Power EZ Charge, BPCL, IOCL and HPCL networks that have ramped up at fuel retail outlets. Its advantage is the tight coupling with Ather Energy's growing vehicle parc and its early mover position in dense urban deployments. Its disadvantage is the smaller average revenue per session of two wheeler charging compared with four wheeler and commercial vehicle networks.

Key risks

Slow convergence of two wheeler EV total cost of ownership Competition from Bolt.Earth and oil marketing company networks Asset uptime and maintenance across a large distributed footprint

Outlook

Ather Grid was launched in 2018 by Ather Energy in Bengaluru as the company prepared to ramp up commercial sales of the Ather 450 electric scooter. The founders, Tarun Mehta and Swapnil Jain, recognised early that two wheeler EV adoption would require a visible, reliable public charging network as much as it required a competitive vehicle product, and built the Grid as an integral part of the Ather proposition. The network started with a handful of fast charging points in Bengaluru and was rapidly expanded as Ather opened experience centres, called Ather Space, in additional cities. By 2024 the network had crossed five thousand charging points, making it one of the largest electric two wheeler charging networks in the country. Sites are chosen based on residential density, commercial footfall and intercity corridor coverage, with partnerships across malls, fuel station chains, hotels, residential complexes and food and beverage outlets. The business model is asset light at the customer site, with Ather typically funding and installing the charger while the host partner provides space, power connection and basic upkeep. Revenue comes from charging session fees paid through the Ather application, with pricing set to be competitive against the running cost of internal combustion two wheelers. The Grid is integrated tightly with the Ather mobile application, which provides station search, real time availability, navigation and payment. A strategic milestone was opening the network to non Ather vehicles in 2022, allowing two wheeler EVs from TVS, Bajaj, Ola Electric, Hero MotoCorp and others to charge at Ather Grid stations. This positioned Ather as a neutral charging infrastructure player and helped fund station economics through expanded utilisation. Strategy from 2025 to 2030 is closely tied to Ather Energy's overall growth plan. As Ather scales vehicle sales nationally with the Rizta family scooter and the existing 450 platform, the Grid is being expanded into tier two and tier three cities, along highway corridors connecting major metros, and at fuel retail outlets through formal tie ups with oil marketing companies. The company is also working on higher power chargers that can support larger battery packs in upcoming Ather models. The regulatory environment for public charging in India has been significantly liberalised. The Ministry of Power has clarified that public charging is a delicensed activity that does not require a power distribution licence, and the Bureau of Energy Efficiency has issued guidelines on charging infrastructure deployment. State governments have introduced EV policies that offer capital subsidies on chargers, concessional electricity tariffs and faster permitting at public sites. Standards are governed by the Bureau of Indian Standards under the AIS series for chargers and connectors, and the Central Electricity Authority issues safety regulations on installation. Financials are not disclosed at the Grid level, as it is operated as part of Ather Energy, which has filed for a public listing. The parent company has been loss making as it scales manufacturing, with cash burn funded by equity rounds from Hero MotoCorp and other investors. Risks include the slower than expected ramp up of two wheeler EV adoption if vehicle prices do not converge fast enough with ICE alternatives, intense competition from Bolt.Earth at the low power end and from fuel retailers at the high power end, electricity tariff volatility across states, real estate cost pressure at prime urban sites, and the challenge of maintaining a large geographically distributed asset base to high uptime standards. Battery chemistry shifts and faster charging requirements may also require periodic hardware refresh of the installed base. Management of the Grid is integrated into Ather Energy's operations team. The parent company is led by Tarun Mehta as chief executive officer and Swapnil Jain as chief technology officer, both IIT Madras alumni, with a senior leadership team across engineering, manufacturing, supply chain and commercial functions. Governance follows the norms expected of a venture backed company preparing for public markets, with an institutional board and committees covering audit and risk. ESG is implicit in the core mission, with the Grid enabling the displacement of petrol two wheelers in India's most polluted cities. The company tracks tonnes of carbon dioxide avoided through EV charging sessions and is working with renewable energy partners to source green power for high consumption sites.

KAMRIT point of view

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Disclaimer: This profile is compiled by KAMRIT Financial Services LLP for educational and benchmarking purposes only. It is not investment advice, a recommendation to buy or sell securities, or a solicitation. Stock data is provided by Yahoo Finance and may be delayed by up to 20 minutes. Company financial commentary draws on publicly available filings, exchange disclosures, and KAMRIT industry research. Readers should consult a SEBI-registered investment adviser before making investment decisions. KAMRIT is a financial services and compliance firm, not a SEBI-registered investment adviser.