Ather gains South India EV share as Rizta-led growth pressures revenue per scooter
Ather Energy held a reported 22% share of South India’s electric two-wheeler market in Q4FY25, supported by Rizta sales and retail expansion. The product mix also cut revenue per scooter by 12%, underscoring the trade-off between volume growth and unit economics.
What happened
Ather Energy’s Rizta-led sales growth reduced revenue per scooter by 12%, while it led South India electric two-wheeler sales with 22% share in Q4FY25. Coverage
Key facts
- Revenue per scooter fell 12%
- 22% South India market share in Q4FY25
- 31% projected upside
- 10,754 Ather units sold in July 2025
- 11,270 Ola Electric units sold in July 2025
Why this matters
Ather’s 22% South India share shows Rizta and retail expansion are driving volume, but the 12% revenue-per-scooter decline makes mix management and store-level profitability critical.
What to watch
- Quarterly South India electric two-wheeler share relative to the reported 22% Q4FY25 level.
- Revenue per scooter trend: stabilization after the reported 12% decline would indicate improving mix or monetization.
- Rizta share of registrations, booking-to-delivery conversion and cancellation rates.
- Competitor discounting, financing subvention and new family-scooter launches in Karnataka, Tamil Nadu, Kerala, Telangana and Andhra Pradesh.
- Retail-store additions versus registrations per store, test-ride conversion and dealer inventory days.