Ather Energy gets regulatory nod to sell insurance policies
What's the story
Ather Insurance, a wholly-owned subsidiary of electric two-wheeler manufacturer Ather Energy, has received regulatory approval from the Insurance Regulatory and Development Authority of India (IRDAI). The approval allows Ather Insurance to distribute and service insurance policies. The registration covers life, general, and health insurance. However, it's important to note that the approval is only for distribution and servicing of insurance policies, not underwriting them.
Business expansion
Aim to enhance customer experience
The approval from IRDAI is a strategic move by Ather Energy to diversify its revenue streams and enhance customer experience.
The company hopes this will also improve the experience of its retail partners.
However, details about potential insurer partnerships or estimated revenue from this new business venture have not been disclosed yet.
Market standing
Ather Energy's financials and performance in the EV market
In September, Ather Energy was the third-largest player in India's electric two-wheeler market with a 14.71% share. TVS Motor led the pack with a 26.06% share, followed by Bajaj Auto at 23.36%.
For FY25, Ather Energy reported an operational revenue of ₹2,255 crore, a nearly 29% increase from the previous year's ₹1,753.8 crore.
The company's net loss also narrowed to ₹812.3 crore from ₹1,059.7 crore in FY24 while scooter sales rose by a whopping 42%.