Ather’s Second EV Global Venture With Sri Lanka
Ather’s Second EV Global Venture With Sri Lanka
Ather Energy,(an electric two-wheeler manufacturer) has expanded its operations with Evolution auto Pvt Ltd in Sri Lanka. It will act as Ather’s national distributor in sri lanka along with handling sales and service operations in the Sri Lankan market. This marks its second overseas market after Nepal. The company plans to build a network of fast-charging in the country to support EV adoption.
“Sri Lanka has been a part of our global expansion plans after Nepal. 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,” said Ather Energy’s CBO Ravneet Singh Phokela.
In India, the company has a retail network of 208 well-equipped centers with 1,973 fast chargers as of march 31, 2024, already installed. It has opened, 3 experience centres and 7 fast-charging grids. Ather currently offers electric scooters like the 450X, 450S, and Rizta.
“Our mission at Evolution auto is to pioneer sustainable transportation in sri lanka, making eco-friendly electric mobility accessible and efficient for all,” said Evolution Auto’s CEO Zahran Ziyawudeen.
The EV company has secured INR 600 crore ($71 million) from the National Investment and Infrastructure Fund (NIIF), which has raised its valuation to $1.3 billion. The company is all set to issue its IPO this year.
However, on the other side, the company’s net losses grew by 22.5% which is INR 864.5 crore in the previous fiscal year (FY23) to INR 1,059.7 crore in FY24.