Sachin Bansal, the co-founder of Flipkart, exited Ather Energy, one of the India's electric vehicle (EV) maker and sold his remaining 7.5 per cent stake in Ather Energy in two parts, according to the Economic Times report.
According to the report, Bansal was among the earliest investor in Ather and had invested nearly Rs 400 crore in the company since 2014.
Bansal sold his stake in two parts where he sold a 2.2 per cent stake to Hero MotoCorp for Rs 124 crore and the remaining 5.3 per cent stake to Nikhil Kamath, the co-founder of Zerodha for approximately Rs 282 crore, according to the report.
On June 6, 2024, Hero MotoCorp, in an exchange filling also said that the Board of Directors of the company has approved the purchase of additional shares of Ather Energy Private Limited, an associate company, from an existing shareholder.
In the regulatory filing, Hero MotoCorp added, "Investment is being made in the form of purchase of additional shares from an existing shareholder of Ather Energy for acquisition of upto 2.2 per cent shares (on a fully diluted basis)."
Fundraising effort
Ather Energy is one of the major player in India's electric two wheeler market | Representative Image
Ather Energy, the two-wheeler EV player in the market, is also gearing up for an initial public offering (IPO) by 2025.
Recently, the company raised Rs 286 crore (USD 34 million) through a mix of debt and equity, largely via venture debt and contributions from co-founders .
Moreover, in September 2023, the company also secured Rs 900 crore from existing shareholders Hero MotoCorp and GIC through a rights issue.
Company Background
The company was founded by Swapnil Jain and Tarun Mehta in 2013 and is one of the major player in India's electric two wheeler market.
Financial Highlights
The financial consolidated revenue of the company in the fiscal year 2024 (FY24) was at Rs 1,753 crore, a plunge of 1.7 per cent compared to the previous year.
However, its operating revenue surged 4.3 times year-on-year (YoY) to Rs 1,783.6 crore, despite having a revenue dip.
In the case of the past 3 fiscal years, the company reported a turnover of Rs 1,753.8 crore in year ended March 31, 2024, followed by Rs 1,780.9 crore in March 31, 2023 and Rs 408.5 crore in March 31, 2022.
