Nikhil Kamath, co-founder of Zerodha, is prepared to invest in Ather Energy
By siliconindia | Tuesday, 19 September 2023, 08:39 IST
Nikhil Kamath, co-founder of Zerodha, is poised to become an investor in Ather Energy. Reports indicate that Kamath will participate through a secondary share sale. Recently, Kamath made a significant investment of Rs 100 crore in the online gaming company Nazara Technologies, which resulted in increasing his ownership stake to 3.5%. Ather Energy recently secured Rs 900 crore in a rights issue, with contributions from Hero MotoCorp and Singapore’s GIC. Hero MotoCorp, already holding a 33.1% stake in Ather Energy, plans to invest up to Rs 550 crore in the electric vehicle startup’s rights issue.
Ather Energy’s product lineup includes the Ather 450X and the Ather 450S. The company has been actively seeking to diversify its product portfolio and had initiated a $250 million funding round for this purpose. Additionally, Ather Energy has been affected by reduced sales following the rollback of government subsidies under the Faster Adoption of Manufacturing of Electric Vehicles (FAME-II) initiative in June.
In recent months, Nikhil Kamath has been expanding his investment portfolio. Apart from the substantial investment of $3 million through Natco Pharma Limited in the hygiene and wellness company Pee Safe, Kamath’s business received approval from SEBI to enter the asset management market. Subsequently, it launched products like Zerodha Tax Saver (ELSS), Nifty Large Midcap 250 Indices Fund, and Zerodha Nifty Large Midcap 250 Index Fund (ZN250), marking its entry into the asset management industry.
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