Ather gains share as Ola Electric loses momentum in India’s e-scooter market

Ather Energy’s market share rose to 16.8% from 14.2%, supported by stronger sales, an 89% revenue increase and Hero MotoCorp backing. As Ola Electric’s share fell to 7%, Ather is preparing a Maharashtra plant that will more than double its current monthly capacity.

— Source publishedThu, 10 Sept, 2026, 01:33 IST·First seen Thu, 10 Sept, 2026, 01:42 IST·Source ET Small Business

What happened

Ather Energy · Ather is gaining Indian electric-scooter share, revenue and investor backing from Hero MotoCorp, while Ola Electric faces declining volumes,

Key facts

  • Hero MotoCorp bought additional Ather stakes at a stock price nearly 6x Ather's May 2025 listing price
  • Ather average monthly sales: about 29,000 units in first five months of the fiscal year, versus 18,400 in first half of FY2026
  • Ola Electric average monthly sales: about 13,800 units, versus 18,000 previously; peak was 33,974 monthly units in 2024
  • Ather June-quarter revenue rose 89% year-on-year to ₹1,216.9 crore
  • Ather market share rose to 16.8% from 14.2%
  • Ola electric two-wheeler share fell to 7% in August from a 50% peak in 2023
  • Ather Maharashtra plant will more than double current capacity of 35,000 units per month
  • Ola consumer complaints exceeded 10,000 between September 2023 and August 2024
  • Hero invested ₹205 crore for a near-30% Ather stake in 2016, plus ₹960 crore preferential allotment and ₹1,758 crore share purchase
  • Ather market value: over ₹62,500 crore; Ola Electric market value: under ₹17,500 crore
  • Ather and VIDA share a nearly 6,000-charger network

Why this matters

Ather’s Maharashtra plant and accelerating scale make it a more credible strategic partnership or ecosystem target, particularly for companies seeking exposure to India’s consolidating electric scooter market.

What to watch

  • Monthly VAHAN registrations and whether Ather sustains share above roughly 16% while Ola remains near or below 7%.
  • Maharashtra plant commissioning timeline, initial output quality, and evidence of capacity utilization.
  • Ather delivery lead times, service turnaround, customer complaints, and spare-parts availability.
  • Ola's service-network expansion, product recalls, warranty actions, and discounting intensity.
  • EV two-wheeler subsidy, registration, financing, and battery-safety policy changes.
  • Hero MotoCorp capital, distribution, or product-development support for Ather.
  • Accelerate Maharashtra plant commissioning while protecting quality and supplier readiness.
  • Expand service centers, mobile service capacity, and spare-parts availability in Ola-heavy markets.
  • Use Hero MotoCorp's distribution, sourcing, financing, and manufacturing relationships to lower acquisition and ownership costs.
  • Launch targeted exchange, financing, and fleet offers rather than broad price cuts that could erode premium positioning.
  • Increase dealer coverage in tier-2 and tier-3 cities where reliability and local service availability heavily influence purchase decisions.