Ather Energy, a Bengaluru-based EV startup recently got $15 million from Hero MotoCorp after the  company bought an additional stake of 2.2 percent in the startup. After thisinvestment Hero Motocorp  became the biggest stakeholder of Ather Energy with a 42% stake. Flipkart co-founder Sachin Bansal  sold his remaining 7.5 percent stake to Nikhil Kamath and Hero. 

Economic Times mentioned that Sachin Bansal has been existing investor with Rs 400 crore invested  from 2014 to date. The 2.2 percent share that Hero MotoCorp bought was sold by Bansal and the  remaining 5.3% went to Zerodha’s co-founder Nikhil Kamath. Nikhil is predicted to have bought this  additional stake for Rs 282 crore as per the valuation of latest acquisition by Hero MotoCorp for Rs  5,636 crore. The valuation of Alter Energy predicted by the startup data intelligence platform, the  kredible is predicted to be around $750 million in its previous Series E round. 

Previously Ather Energy was reported to seek the funding through combination of primary and  secondary sales. This selling of shares by Bansal just came following the news. The company also  reported 4.36 times increase in its operating profit to Rs 1,784 crore while the loss grew by2.5 times  to Rs864.5 crore in FY23. This fresh funding round came after the startup raised 34.5 million USD in a  debt and equity round with participation of new and existing investors and led by Stride Ventures. 

Alther energy is one of the top players in Indian EV industry. Swapnil Jain and Tarun Mehta made this startup to offer affordable and high-performance EV manufacturing solutions. The startup is planning  to use these fresh proceeds to scale up its in-house infrastructure, build innovative two-wheeler EV solutions to meet market needs and to increase the performance capability of the platform.

CONCLUSION: 

Ather Energy is a Bengaluru-based two-wheelers manufacturing startup, that recently got $15 million  from Hero MotoCorp after the company bought an additional stake of 2.2 percent in the startup. The  company’s regulatory filing reported that they secured $32 funding from Stride ventures, Tarun Sanjay  Mehta, and Swapnil Jain. Investors who participated in the funding round include Hero Motocorp, BP  Ventures, TigerGlobal, and Stride Ventures, among others. Ather Energy is the largest two-wheelers  manufacturer with fast and innovative manufacturing solutions across the country. The electric two wheelers market saw a 50% decline in April.

Ather Energy was reported to seek the funding through  combination of primary and secondary sales. This selling of shares by Bansal just came following the  news. Flipkart co-founder Sachin Bansal sold his remaining 7.5 percent stake to Nikhil Kamath and Hero  MotoCorp. This fresh funding round came after the startup raised $34.5 million in a debt and equity  round with participation of new and existing investors and led by Stride Ventures. The startup is  planning to use these fresh proceeds to scale up its in-house infrastructure, build innovative two wheeler EV solutions to meet market needs and to increase the performance capability of the  platform.