Flipkart co-founder Sachin Bansal has sold his remaining 7.5% stake in Ather Energy, an electric two-wheeler manufacturer. The sale included a 2.2% stake to Hero MotoCorp and a 5.3% stake to Nikhil Kamath, co-founder of Zerodha. Hero MotoCorp’s total stake in Ather has now increased to around 40%. Despite a slight decline in turnover, Ather is preparing to raise $75-90 million in initial funding from new and existing investors.
Ather Energy is in talks to raise between $75 million and $90 million in primary funding from existing investors and is reaching out to potential new investors. Flipkart co-founder Sachin Bansal has sold a significant portion of his stake in the company to Zerodha co-founder Nikhil Kamath. Kamath has expressed his belief in the company and its products and plans to have a significant exposure to Ather for the next decade.
