Ather Energy will soon become the second pure-electric two-wheeler player listed on Indian exchanges. But a look at the business metrics puts the Tiger Global-backed EV maker way behind its listed peers. Going by Ather's offerings, Ola Electric Mobility stands out as its closest listed competitor. Both companies ended the nine months to December 2024 with losses. Ather posted a loss of nearly Rs 578 crore, while Ola Electric had a loss of Rs 1,406 crore during the period, according to the former's red herring prospectus. Ather's other listed peers — Bajaj Auto, Hero MotoCorp and TVS Motor — had bottom-line prints in the black for the nine months ended December 2024. These two-wheeler majors had net profits of Rs 5,523 crore, Rs 3,207 crore and Rs 1,682 crore, respectively.