Flipkart co-founder Sachin Bansal, who is considering investments in several startups, is now reportedly planning to invest $50-100 Mn in Bengaluru-based electric vehicle maker Ather Energy.
The development comes on the heels of reports stating that Sachin was also planning to invest $100 Mn in Bengaluru-based cab hailing platform Ola.
Sachin, along with his other co-founder Binny Bansal and Tiger Global Management, is an existing investor of the automobile company.
Ather declined to comment on the development.
According to reports, Sachin is considering investing about $100 Mn in several startups after he received around $1 Bn from his 5.5% stake sale in Flipkart to Walmart.
Earlier, in August, reports suggested that he was planning to start his entrepreneurial adventure again in the space of artificial intelligence by the end of this year.
Related Article: Sachin Bansal Pays $100.3 Mn Advance Tax For Flipkart Earnings
Further, some reports also claimed that he was looking to increase his investment and 3.5% stake in SigTuple, which leverages artificial intelligence for medical diagnosis.
Sachin started his entrepreneurial journey along with Binny by finding Flipkart in 2007. Initially started as an online bookstore, Flipkart has today grown to become one of the largest ecommerce platforms in India.
Ather Energy Revving Up Electric Two-Wheeler Adoption
Ather Energy was founded in 2013 by Swapnil Jain and Tarun Mehta. The startup designs and sells electric two-wheeler vehicles for the Indian market.
Earlier, in July, Ather had also reportedly raised $19 Mn in a Series C funding round from automobile maker Hero MotoCorp.
Ather Energy launched its flagship ebike — Ather 450 — in Bengaluru earlier in June. At the same time, it also introduced an upgraded version of its previous model S340. It had launched its first electric scooter — the S340 in 2016.
According to TechSci Research, the Indian electric two-wheeler market is forecast to grow at a CAGR of more than 23% from 2018 to 2023.
With the projected growth in the electric two-wheeler sector, more and more manufacturers as well as investors are focusing on increasing manufacturing and promoting EV two-wheelers.
Recently, in October, Taiwan-based electric two-wheeler vehicle maker Kymco announced am investment of $65 Mn in Haryana-based electric scooter startup Twenty Two Motors Pvt.
This month, Bengaluru-based Fae Bikes also introduced e-scooter sharing service in the city.
As the Centre and state governments are trying to promote emobility with a focus on two-wheelers, the investment in Ather, one of the leading startups, in this domain, is a positive development for the industry.
[The development was reported by Livemint.]