Hero’s EV arm Vida may be trailing legacy players TVS Motor Company and Bajaj Auto, as also startup Ather in sales, but when it comes to the overall EV space, the two-wheeler giant is no loser.
FY26 sales data sourced from the Society of Indian Automobile Manufacturers (SIAM) show that TVS was India’s biggest electric two-wheeler (E2W) player with sales of 3,67,501 units, followed by Bajaj (3,02,674 units) and Ather (2,60,070 units). Vida — even though its sales jumped 154% in FY26 — was a distant fourth (1,48,473 units).
The H1CY26 sales data is no different, with TVS leading the charge at 2,41,087 units, followed by Bajaj at 2,03,692 units, and Ather at 1,63,681 units. Vida, again, was fourth with sales of 1,02,097 units.
However, evaluating Hero just through Vida wouldn’t be correct — while it is building Vida for the mass market, Hero is also helping build Ather. Having invested Rs 205 crore in Ather’s Series B round in 2016, Hero increased its capital infusion to Rs 1,700 crore by mid-2024. On July 15, 2026, Hero announced a fresh investment of Rs 960 crore.
In essence, when a Vida sells, Hero wins, but when an Ather sells, Hero still wins.
Meanwhile, TVS and Bajaj have leveraged their vast dealer networks to scale up E2Ws — with over 2,000 and 4,500 touchpoints, respectively, but Hero took a phased approach with Vida with over 200 select outlets before expanding its wider dealership fold. Ather’s retail and service network, meanwhile, has crossed 700 touchpoints.
It was the VX2 model with a removable battery that pushed Vida’s sales, taking it to the top 4. “Vida had a slow start since 2022, but found momentum after the launch of the VX2 with a removable battery in July 2025,” a partner with a Big 4 consulting firm told FE. “What helped was the launch of the Battery-as-a-Service (BaaS) scheme with the VX2, bringing the upfront cost down to less than Rs 50,000 — effectively placing a high-tech electric scooter at a price point lower than entry-level petrol scooters. Hero is now expected to leverage its massive rural network to bring its affordable EV solutions to tier-3 markets.”
“Although Vida and Ather compete in certain price segments, there is a differentiation,” said S Subramanian, professor of strategic management at IIM Kozhikode. “Ather’s value proposition is built around a sophisticated software ecosystem (AtherStack), connected features, and an aspirational, tech-led brand identity aimed primarily at urban consumers. Vida, in contrast, emphasises the convenience of removable batteries, home charging, and accessibility for mainstream buyers seeking affordability.”
According to Subramanian, this reflects strategic market segmentation with selective overlap rather than pure cannibalisation. “Hero participates directly when a Vida scooter is sold, while also sharing in Ather’s long-term value creation through its equity stake,” he said.
He added that Hero’s C-suite representation on Ather’s board provides vital strategic visibility into one of India’s leading EV players.
Ultimately, Hero’s stake in Ather serves as more than a financial hedge — it is a portfolio of complementary bets across the E2W landscape. If Hero is able to successfully convert market insights from Ather into competitive strength for Vida, it would have executed a masterclass in portfolio strategy, and even if not, it would keep winning on the back of Ather.
