India’s Ather Energy to enter Sri Lankan market next quarter

Ather Energy, an electric vehicle manufacturer based in India, on Thursday said that it plans to expand into Sri Lanka in the coming quarter, days after it secured funding from NIIF at a unicorn valuation. 

The expansion will be the company’s second international launch after it entered Nepal last year. 

Ather will set up an experience centre through a partnership with Evolution Auto Pvt Ltd, a joint venture between Sensei Capital Partners, Atman Group and Sri Lanka-based Sino Lanka Private Ltd, the company mentioned in a press release. 

Evolution Auto will serve as the company’s national distributor and will manage Ather Energy’s sales and service operations in Sri Lanka.

Additionally, Ather will also focus on establishing a network of fast-charging infrastructure across the country to facilitate EV adoption.

“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,” he added.

Ather Energy competes with newly-listed Ola Electric and reportedly plans to list on the Indian stock exchanges next year, according to reports.

--Agencies