Sachin Bansal exits Ather Energy; sells his 7.5% stake

Flipkart co-founder, Sachin Bansal, has sold his remaining 7.5% involvement successful Ather Energy to Hero MotoCorp and Zerodha co-founder Nikhil Kamath.

Bansal was among the archetypal investors successful the Bangalore-based electrical 2-wheeler startup. He had invested astir Rs 400 crore on with Hero MotoCorp; among different investors.

Bansal sold his involvement successful Ather to Hero MotoCorp astatine an inferred valuation of Rs 5,636 crore past December. It remains the largest shareholder. The remaining 5% involvement worthy Rs 282 crore was sold to Kamath.

Ather Energy, which competes with brands similar Bajaj Auto, TVS and Ola Electric, precocious raised Rs 286 crore from its founders and Stride Ventures. The institution is besides looking to rise astir Rs 750 crore from caller and existing investors. In September 2023, the institution raised Rs 900 crore from Hero MotoCorp and GIC done a rights issue.

Source: ET Auto

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Last edited by TusharK : 10th June 2024 astatine 12:02.