Ather surpasses Ola Electric in market cap, scopters sold
Bengaluru-based Ather Energy, the electric two-wheeler backed by Hero Motocorp, saw its market capitalisation leap ahead of its city-based rival Ola Electric.
Bengaluru-based Ather Energy, the electric two-wheeler backed by Hero Motocorp, saw its market capitalisation leap ahead of its city-based rival Ola Electric. At the close of trade on Monday, Ather’s market cap stood at Rs 23,580 crore as its share price hit a new high. On the other hand, Ola Electric’s share price slipped by nearly 3% giving it a market cap of Rs 23,178 crore.
The development is significant as Ola Electric, despite starting in 2017, much after Ather in 2013, has been able to keep the lead in terms of fundraising and valuation both in private and public markets.
Ola Electric went public in August 2024 at a market cap of about Rs 33,522 crore ($4 billion at listing). Its peak private valuation was widely reported at about $5.4 billion during its last large fundraise in late 2021 and early 2022, before softening as public markets corrected and sales slowed.
Ather Energy was listed in May 2025 with a market cap of around Rs 11,956 crore (approximately $1.4 billion). Its peak private valuation was $1 billion after its last funding round in 2024.
Since listing, Ather’s share price has nearly doubled over the last few months. Ola Electric, which has been listed for over a year, has seen a significant swing in its share price. The shares doubled from the issue last year, but have struggled since February this year, falling nearly 50% below the IPO price.
Changing market share: This comes after Ather’s sales vaulted ahead of Ola Electric in September 2025. According to Vahan sales data, Ather registered 18,109 units for the month—its highest tally yet-securing a 17.2% market share and overtaking Ola, which sold 12,223 units (12.7% share, down from 27.3% in September 2024).
TVS Motor retained the leader’s position with over 21,000 units, while Bajaj held second, but the industry’s real reshuffle was Ather’s climb past Ola, after months of both brands swapping places in the sales rankings
Over the past 18 months, Ola’s grip on the segment has steadily loosened. In March 2024, Ola Electric commanded close to 32% market share; by September 2025, that had fallen below 13%, a consequence of product recalls, post-GST slowdowns, and shifting consumer preferences.