The Insurance Regulatory and Development Authority of India granted the subsidiary a certificate of registration on October 15 to act as a corporate agent (composite), Ather Energy said in a stock exchange filing on Thursday. The registration covers life, general and health insurance.
The approval is for insurance distribution and servicing, rather than underwriting policies. Ather in the filings said the move would diversify its revenue streams and improve the experience of customers and retail partners. It did not disclose insurer partnerships or quantify the revenue it expects from the business.
The registration remains valid from October 15, subject to payment of an annual fee, unless suspended or cancelled by the regulator, according to the filing.
Ather ranked third in India’s electric two-wheeler market in September, with 30,479 registrations and a 14.71% share, according to Vahan data. TVS Motor led with 26.06%, followed by Bajaj Auto at 23.36%. Ola Electric had a 6.49% share.
For FY25, Ather reported revenue from operations of Rs 2,255 crore, up about 29% from Rs 1,753.8 crore a year earlier. Its net loss narrowed to Rs 812.3 crore from Rs 1,059.7 crore.Scooter sales rose 42% to 155,394 units from 109,577 in FY24. Non-vehicle sales accounted for 12% of revenue in FY25, compared with 10% a year earlier.
In August, Ather launched the Konarc, its first mass-market electric scooter, priced at Rs 1 lakh and aimed at entry-level models such as the TVS iQube and Bajaj Chetak. Unveiled at its Community Day on August 29, it comes in 100-km and 125-km range variants.
