We are discussing Sachin Bansal to Exit Ather Energy After Selling his Remaining 7.5% Stake to Nikhil Kamath and Hero MotoCorp:
Ather Energy, a Bengaluru-based EV startup, recently received $15 million from Hero MotoCorp after the company bought an additional stake of 2.2 percent in the startup. After this investment, Hero Motocorp became the biggest stakeholder of Ather Energy, with a 42% stake. Flipkart co-founder Sachin Bansal sold his remaining 7.5 percent stake to Nikhil Kamath and Hero.
Economic Times mentioned that Sachin Bansal has been an existing investor with Rs 400 crore invested from 2014 to date. The 2.2 percent share that Hero MotoCorp bought was sold by Bansal, and the remaining 5.3% went to Zerodha’s co-founder Nikhil Kamath. Nikhil is predicted to have bought this additional stake for Rs 282 crore as per the valuation of the latest acquisition by Hero MotoCorp for Rs 5,636 crore. The valuation of Alter Energy is predicted by the startup data intelligence platform, and the credible is predicted to be around $750 million in its previous Series E round.
Previously, Ather Energy was reported to seek funding through primary and secondary sales. Bansal’s selling of shares just came after the news. The company also reported a 4.36-times increase in operating profit to Rs 1,784 crore, while the loss grew by 2.5 times to Rs 864.5 crore in FY23. This fresh funding round came after the startup raised 34.5 million USD in a debt and equity round with the participation of new and existing investors led by Stride Ventures.
Alther Energy is one of the top players in the Indian EV industry. Swapnil Jain and Tarun Mehta created this startup to offer affordable, high-performance EV manufacturing solutions. The startup plans to use these fresh proceeds to scale up its in-house infrastructure, build innovative two-wheeler EV solutions to meet market needs, and increase the platform’s performance capability.
Conclusion
Ather Energy is a Bengaluru-based two-wheeler manufacturing startup that recently got $15 million from Hero MotoCorp after the company bought an additional stake of 2.2 percent in the startup. The company’s regulatory filing reported securing $32 funding from Stride Ventures, Tarun Sanjay Mehta, and Swapnil Jain. Investors who participated in the funding round include Hero Motocorp, BP Ventures, TigerGlobal, and Stride Ventures. Ather Energy is the largest two-wheeler manufacturer nationwide, and it has fast and innovative manufacturing solutions.
The electric two wheelers market saw a 50% decline in April. Ather Energy was reported to seek funding through primary and secondary sales. This selling of shares by Bansal just came following the news. Flipkart co-founder Sachin Bansal sold his remaining 7.5 percent stake to Nikhil Kamath and Hero MotoCorp. This fresh funding round came after the startup raised $34.5 million in a debt and equity round with the participation of new and existing investors led by Stride Ventures. The startup plans to use these fresh proceeds to scale up its in-house infrastructure, build innovative two-wheeler EV solutions to meet market needs, and increase the platform’s performance capability.
