Sachin Bansal exits Ather Energy; sells his 7.5% stake

The Flipkart co-founder has reportedly sold his stake in Ather to Hero MotoCorp and Zerodha co-founder Nikhil Kamath.

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

Bansal was among the first investors in the Bangalore-based electric 2-wheeler startup. He had invested around Rs 400 crore along with Hero MotoCorp; among other investors.

Bansal sold his stake in Ather to Hero MotoCorp at an inferred valuation of Rs 5,636 crore last December. It remains the largest shareholder. The remaining 5% stake worth Rs 282 crore was sold to Kamath.

Ather Energy, which competes with brands like Bajaj Auto, TVS and Ola Electric, recently raised Rs 286 crore from its founders and Stride Ventures. The company is also looking to raise around Rs 750 crore from new and existing investors. In September 2023, the company raised Rs 900 crore from Hero MotoCorp and GIC through a rights issue.

Source: ET Auto