The “Ather Mafia” – former employees of the electric vehicle pioneer Ather Energy – has emerged as a significant entrepreneurial force, collectively achieving a valuation of ₹1,424.11 crores by May 2025.
Prominent among these startups are Exponent Energy, Lectrix Technologies, and Bullwork Mobility, reflecting the group’s strong presence in the electric mobility and energy sectors.
The number of startups founded has steadily increased, with 1 startup each in 2017, 2018, 2019, and 2020, followed by a surge in 2021 with 5 startups, 4 in 2022, and 2 projected for 2025.
Former Ather employees have ventured into diverse sectors such as Informal Education, Automobiles, Software, Energy Equipment & Services, and Hotels & Accommodation.
Notably, 20% of startups founded by the Ather Mafia are in the Informal Education sector.
Ather Mafia has created 604 jobs, with Exponent Energy, Lectrix Technologies, and Bullwork Mobility contributing 465 of them combined.
14 out of 43 founders are from the Indian Institute of Technology. Overall, 37% of Ather Mafia Founders are from Tier 1 institutions like IIM and IIT.
Overall, the growth and diversification of Ather Mafia illustrate the vibrant entrepreneurial ecosystem evolving from a single innovative company. As these founders continue to push boundaries, their collective success not only amplifies their impact on India’s startup landscape but also inspires a broader wave of innovation.