Key Highlights:
• Zerodha CEO takes to Twitter to applaud Ather
• Nikhil Kamath expects the Indian EV market to grow at a CAGR of 22.4%.
• Nikhil Kamath has invested around INR 250 crore in Ather Energy.
• There are 319 EV startups thriving in India.
In a recent development, Zerodha Brokers Ltd. co-founder Nikhil Kamath shared his thoughts on X (formerly Twitter) and quoted on his journey, driving his passion and interest in electric vehicles. In his post, Kamath talks about how supporting young Indian products and entrepreneurs played a key factor in his decision to invest in Ather Energy. “Patriiorism could share a different means for multiple people; not everyone could have the same way of adopting it, though their narrative would be one.” For Kamath, it meant succeeding the make-in-India products across the nation and at the global scale.
He added, We Indians possess a pathetic trait of choosing terrible products with excellent marketing, and I really hope this could be changed. The primary reason is that we chose to put our money in Ather Energy because the brand speaks a vice versa. Applauding the Bangalore-based EV startup, he said the brand might have the worst marketing yet they engineer electric marvels on two wheels.
As Indians, it is our responsibility to promote more Indian brands, taking them forward amongst the youth of our nation till they reach the market of globalization. We all inherit pros and cons; similarly, Ather highlights very awful marketing, though they hold a portrayal of excellence in their inventory. So endorsement of localization is the need of the hour today.
Highlighting a funny incident, he stated that besides my major contribution to Ather with an investment worth INR 250 crore, I was not offered any discount on the purchase of Ather Energy’s scooter by Tarun Mehta, CEO of Ather Energy. As per the reports, the Indian EV market is expected to grow at a CAGR of 22.4% to USD 117.78 billion by 2032.
The projected growth signifies a larger growth of 47% in contrast to India’s EV sales expected in 2023 alone. Furthermore, the government’s ambitious goal is to have 30% of all new vehicles sold in India be electric by 2030.Kamath also mentions that every other electric vehicle sold in India is a two-wheeler, highlighting the popularity of electric motorcycles and scooters. India is second only to China in global sales of electric two-wheelers.
He concluded by commenting on the lively startup ecosystem in India, pointing out that 319 EV startups are currently registered, all playing a role in the sector’s dynamic growth.
The Verdict:
In our opinion, Ather’s ongoing sales decline is due to poor marketing, despite having excellent products like the 450 series and the newly launched family scooter, the Rizta. Both are tech-packed and designed to appeal to a broad consumer base, yet they fail to achieve strong sales with month-on-month (MoM) declines. Effective marketing could boost Ather Energy’s popularity and significantly enhance its sales, securing a stronger presence in India’s electric two-wheeler market.
