If you ask auto experts about Ather Energy overtaking Ola Electric in the EV two-wheeler race, they’d say, “It’s been coming for a while”.

While Ola Electric’s market share shot up in a matter of months, Ather’s slow-but-steady approach was foretold to be better in the long run.

Not just that, much like the tortoise in Aesop’s fable, Ather Energy has gone past Ola Electric in India’s EV race in terms of monthly sales volume, and even in terms of market cap at the end of trading on Friday (October 10).

As per Vahan data for September 2025, Ather’s monthly vehicle sales have surpassed Ola Electric’s sales volume by nearly 5,000 units. Ather surpassed Ola Electric for the first time, selling 18,197 units against its rival’s 13,401.

Eclipsing Ola Electric

Though Ather started selling its scooters before Ola Electric, their fortunes have been linked together for the last five years. The company founded by IIT Madras graduates Tarun Mehta and Swapnil Jain was outpaced by Bhavish Aggarwal’s Ola Electric in terms of a listing, but Ather has finally managed to surpass its rival.

And this shift isn’t just visible on the roads, it’s being felt in the markets, too. Ola’s sliding EV sales and weak fundamentals have started dragging down another important metric — its stock price.

Ather, on the other hand, is riding the bulls. Its shares touched new record highs multiple times last week, surpassing INR 600 from about an INR 400-level two months back.

Ather’s market cap at INR 22,631 Cr is now beyond Ola Electric’s INR 21,904 Cr, marking a pivotal moment for India’s homegrown EV ecosystem — and perhaps giving another opportunity for other players also to introspect.

How Ather Energy Charged Ahead

Earlier this year, automotive industry veteran and Anglian Omega Group advisor Deb Mukherji made a remark that has aged remarkably well.

“Automotive is a very serious business,” he told Inc42. “Anyone can sell a bad product for a........

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