Ather Energy to Launch Insurance Distribution Subsidiary

Ather Energy today informed exchanges that it will venture into the auto insurance services sector. The Bengaluru-based company plans to incorporate a wholly owned subsidiary that will operate as a Corporate Agent, distributing policies in partnership with multiple insurers.
This expansion is subject to necessary approvals from the Registrar of Companies and the Insurance Regulatory and Development Authority of India (IRDAI).
Ather Energy’s board approved an initial investment of up to ₹80 million in the new subsidiary, according to a report by Inc42. The report stated that additional funding may be deployed based on business scaling.
Following the announcement, Ather Energy shares rose 3.7% to ₹686.40 on the BSE.