Flipkart Co-Founder exits Ather Energy selling his stake to Hero MotoCorp & Zerodha
The co-founder of flipkart, Sachin Bansal,has left Ola Electric and joined their significant rival in the market, Ather Energy. Bansal sold, 7.5% stake before leaving the company.
The two wheeler maker brand Hero MotoCorp announced that, it has acquired 2.2% of the stake in Ather Energy against 
124 crore. The Bansal’s quitting report came just after a day of this.
124 crore. The Bansal’s quitting report came just after a day of this.
The company still did not unveil from whom it will acquire the stake. However, Sachin Bansal revealed that, he sold his 2.2% stake to Hero MotoCorp and the rest to Zerodha co-founder Nikhil Kamath. Sachin Bansal is one of the first investors in Ather Energy, who has invested 400 crore throughout the time, starting from 2014. He has gradually diminished his stake and this recent sale finalizes his departure from the firm.
Hero MotoCorp was the largest shareholder of Ather Energy, which currently holds 40% of the company's total shareholding after this purchase. The stake which was purchased by Hero MotoCorp was valued at an inferred valuation of 5,636 crore, a significant premium compared to its previous valuation of 4,666 crore. The remaining 5.3% stake sold to Kamath is valued at around 282 crore.
5,636 crore, a significant premium compared to its previous valuation of 4,666 crore. The remaining 5.3% stake sold to Kamath is valued at around 282 crore.
According to the statement of regulatory filing Ather's estimated turnover for fiscal 2024 is 1,753 crore, slightly down from 1,784 crore in FY23. However, the company has faced financial crunch and recorded a net loss of 864 crore in FY23.
1,753 crore, slightly down from 1,784 crore in FY23. However, the company has faced financial crunch and recorded a net loss of 864 crore in FY23.
In spite of this tough situation, the company is focused on growth and plans to raise an additional $75-90 million or approximately 750 crore in primary funding from both new and existing investors. The upcoming funding round is likely to be led by an existing investor.
750 crore in primary funding from both new and existing investors. The upcoming funding round is likely to be led by an existing investor.
The EV two-wheeler maker brand Ather Energy is actively seeking for new investments to bolster its growth and operations. The Bengaluru-based EV startup recently raised 286 crore or $34 million from its founders and Stride Ventures through a mix of debt and equity funding.
286 crore or $34 million from its founders and Stride Ventures through a mix of debt and equity funding.
Stride Ventures has invested close to 200 crore via debentures, while the co-founders, Tarun Sanjay Mehta and Swapnil Jain, each contributed 43.28 crore via Series F preference shares.
200 crore via debentures, while the co-founders, Tarun Sanjay Mehta and Swapnil Jain, each contributed 43.28 crore via Series F preference shares.
During the last September, it raised 900 crore from Hero MotoCorp and GIC through a rights issue. The funds were used to support its expansion and new product launches. Ather Energy recently launched a new range of 'Rizta' scooters, targeting the family segment.
900 crore from Hero MotoCorp and GIC through a rights issue. The funds were used to support its expansion and new product launches. Ather Energy recently launched a new range of 'Rizta' scooters, targeting the family segment.Read More News :
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