Ather Energy Co-founder & CEO Tarun Mehta has minced no words when it came to commenting on the valuation of Ather Energy, when compared to Ola Electric. A user posed the question on social media on how Ather Energy with all the engineering, tech, manufacturing capability and cool intellectual property is valued at just 1/25th of a newcomer like Ola Electric, Mehta responded saying that the market is "stupid" and the valuations will be fixed in the coming months. Mehta was responding to how the two rivals in the EV space are being valued.
undefinedIt's a stupid market
— Tarun Mehta (@tarunsmehta) December 6, 2021
Will fix valuations in the coming months https://t.co/m9cg0tmXqe
The Ather 450X electric scooter has set new benchmarks in the electric scooter segment in India.
While Ather Energy's journey began with slow developmental phases, and incremental change, gradually developing tech and infrastructure for its electric scooters, Ola Electric entered the market with a bang, promising to disrupt the electric two-wheeler segment. Ola Electric launched its much-hyped Ola S1 series of electric scooters, and managed to raise Rs. 1,100 crore in its two-day online purchase window. Ola also announced building India's largest two-wheeler factory, with an eventual capacity of building 10 million (100 lakh) units of its electric scooter range.
Also Read: Ather Energy Announces Second Manufacturing Plant In Hosur
Ather Energy however has taken a more modest, traditionalist approach. What began as a start-up, kicked off by two IIT Chennai classmates, Ather Energy is the most-profitable electric two-wheeler manufacturer in India. The company has recently announced a second manufacturing facility in Hosur, Tamil Nadu.
Also Read: Ather Energy Targets Expansion To Over 100 Cities In Next Two Years
The Ather Grid fast-charging network across cities provide convenience to Ather customers.
While Ather Energy has been steadily increasing its pan-India footprint across all regions, with new Ather Experience Centres opening up almost every month, Ola Electric follows a no-dealership, online purchase route. While Ather Energy has managed to build brand equity through word-of-mouth promotion, traditional marketing and a product which offers a superb alternative to a traditional petrol-powered scooter, Ola Electric has been mostly banking on hype.
Also Read: Ola Electric Scooter Deliveries To Begin From December 15
Deliveries of the Ola S1 electric scooters have been postponed time and again, and even test rides are only offered to those, who have already pre-booked an Ola electric scooter. Clearly, market valuations is one thing, and on-ground presence, technology and product quite another. While Ola Electric continues to grapple with production and deliveries, Ather Energy is surely, and certainly, reinforcing and expanding its charging network, as well as presence across India.
