As Tarun Mehta explains, Ather’s story isn’t just about scooters.
It’s about patience, capital, and a moat that only time can build.
For years, the numbers were tiny:
🔹 FY19: ₹20–30 Cr
🔹 FY20: ₹30–40 Cr
🔹 FY21: small improvement
🔹 FY22: ₹400 Cr
🔹 FY23: ₹1,700 Cr (the breakout year)
🔹 FY24: ₹1,800 Cr
🔹 FY25 (projected): ₹2,500 Cr
That kind of curve doesn’t happen overnight.
Hardware demands 5–10 years of heavy upfront investment before anything compounds.
Most companies don’t have the patience.
Which is exactly why the moat becomes insane once you do — few can follow you into that grind.
In this episode of The Blume Podcast, Tarun Mehta and Karthik Reddy break down why hardware is hard, why it’s worth it, and why Ather’s conviction curve looks the way it does.
⚡ Watch the full episode now — the real economics behind building deep-tech in India.