Flipkart co-founder Sachin Bansal has exited Ather Energy, an electric two-wheeler manufacturer, by selling his remaining 7.5% stake in the company, as reported by ET. Bansal was among the earliest investors in Ather, having invested nearly Rs 400 crore in the company since 2014. A portion of his stake (2.2%) was sold to Hero MotoCorp for Rs 124 crore, while the remaining 5.3% was acquired by Nikhil Kamath, co-founder of Zerodha, for approximately Rs 282 crore. Hero MotoCorp’s total share in Ather Energy has increased to around 40% following this deal. In a filing to the BSE announcing the transaction, Hero MotoCorp also disclosed that Ather’s turnover in FY24 stood at Rs 1,753 crore, marginally lower than the Rs 1,784 crore recorded in the previous fiscal year. The investment from Hero MotoCorp comes just a week after Ather Energy raised Rs 286 crore ($34 million) in a mix of debt and equity funding from its founders and Stride Ventures. Additionally, Ather Energy is in the process of finalizing plans to secure $75-90 million (approximately Rs 750 crore) in initial funding from both new and existing investors. According to ET, an existing investor is expected to be the primary backer of this funding, potentially valuing Ather Energy between $850 million and $1 billion. In September 2023, Ather Energy raised Rs 900 crore from existing shareholders Hero MotoCorp and GIC through a rights issue.
Sachin Bansal Sells 7.5% Stake in Ather Energy, Company Prepares for Funding Round
