Bansal exited Ather by selling his remaining 7.5% shareholding in Ather, which was lapped up by Hero MotoCorp (2.2%) and Zerodha cofounder Nikhil Kamath (5.3%)
Sachin Bansal was one of the first investors in Ather and had invested nearly INR 400 Cr in the EV maker since 2014
Ather, which competes with Ola Electric and TVS Motor, saw its net loss widen over 150% YoY to INR 864.5 Cr in FY23
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Just a day after Hero MotoCorp picked up an additional 2.2% stake in two-wheeler electric vehicle (EV) maker Ather Energy in a secondary transaction, it has now reportedly emerged that Flipkart cofounder Sachin Bansal was one the one who offloaded the stake.
As per Economic Times, Bansal exited Ather by selling his remaining 7.5% shareholding in the EV major. While Hero MotoCorp lapped up a 2.2% stake for INR 124 Cr, the remaining 5.3% was sold to Zerodha cofounder Nikhil Kamath.
A rough calculation puts the size of Kamath’s purchase at around INR 282 Cr as per the inferred valuation of INR 5,636 Cr from the latest stake acquisition by Hero MotoCorp.
As per the report, Bansal was one of the first investors in Ather and had invested nearly INR 400 Cr in the EV maker since 2014.
Inc42 has reached out to Ather Energy, Sachin Bansal and Nikhil Kamath for a comment on the story. Hero MotoCorp could not be reached for a comment. This story will be updated with their response when it is received.
This comes a few weeks after reports first surfaced that Sachin Bansal had divested a significant portion of his shares to Kamath. At the time, it was also reported that Ather Energy was seeking substantial funding through a combination of primary and secondary share sales.
Post the 2.2% stake acquisition deal, Hero MotoCorp will hold about 40% of the EV startup’s total shareholding. In its filing with the BSE announcing the deal, Hero MotoCorp also said that Ather’s turnover stood at INR 1,753.8 in the fiscal year 2023-24 (FY24), down 1.5% from INR 1,780.9 Cr reported in the year-ago period.
The fresh fundraise came just days after Ather Energy’s board approved plans to raise INR 286.5 Cr in a mix of equity and debt. In September 2023, the EV maker also bagged INR 900 Cr from existing shareholders Hero MotoCorp and GIC through a rights issue.
Founded in 2013 by Swapnil Jain and Tarun Mehta, Ather Energy is a major player in the Indian electric two-wheeler market. It designs, manufactures and services electric two wheelers. It also operates its own charging infrastructure and is involved in storage, distribution and management of electric power and other ancillary services.
The startup’s net loss surged 150% to INR 864.5 Cr in FY23 as against INR 344.1 Cr in the previous year. Meanwhile, operating revenue jumped 4.3X year-on-year (YoY) to INR 1,783.6 Cr during the year under review.
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