Flipkart co-founder Sachin Bansal exits Ather Energy, sells remaining stake to Hero MotoCorp, Nikhil Kamath for Rs...

Flipkart co-founder Sachin Bansal exited Ather Energy, an electric two-wheeler manufacturer after selling his remaining 7.5% stake in the company, according to an ET report.

As per the report, Bansal was amongst the earliest investors in Ather, investing nearly Rs 400 crore in the company since 2014. 

A 2.2% portion of his stake was sold to Hero MotoCorp for Rs 124 crore and the remaining 5.3% was sold to Nikhil Kamath, who co-founded Zerodha, for approximately Rs 282 crore.

After the deal, Hero MotoCorp's total share in the EV start-up will increase to around 40%. In its filing with the BSE announcing the deal, Hero MotoCorp also said that Ather’s turnover in FY24 stood at Rs 1,753 crore, down 1.7% from Rs 1,784 crore recorded in the previous fiscal year.

The investment comes just a week after the company raised Rs 286 crore ($34 million) from its founders and Stride Ventures in a mix of debt and equity funding. 

Moreover, Ather is finalising plans to raise $75-90 million (approximately Rs 750 crore) in initial funding from new and existing investors. It's expected that an existing investor will be the primary backer of this funding, potentially boosting Ather Energy's worth between $850 million to $1 billion, as reported by ET on April 23.

In September 2023, the Ather also raised Rs 900 crore from existing shareholders Hero MotoCorp and GIC through a rights issue.

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