{"id":33062,"date":"2024-04-23T00:55:39","date_gmt":"2024-04-23T00:55:39","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/04\/23\/ather-eyes-new-round-nikhil-kamath-buys-big-part-of-sachin-bansals-holding\/"},"modified":"2024-04-23T00:55:39","modified_gmt":"2024-04-23T00:55:39","slug":"ather-eyes-new-round-nikhil-kamath-buys-big-part-of-sachin-bansals-holding","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/04\/23\/ather-eyes-new-round-nikhil-kamath-buys-big-part-of-sachin-bansals-holding\/","title":{"rendered":"Ather eyes new round, Nikhil Kamath buys big part of Sachin Bansal\u2019s holding"},"content":{"rendered":"
\"Ather<\/div>


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Electric two-wheeler<\/a> maker Ather Energy<\/a> is in talks for raising a \u201csignificant round of funding\u201d in a mix of primary and secondary share sale<\/a>, said people with knowledge of the development.
Existing investor, Flipkart cofounder Sachin Bansal, has sold a significant part of his holding in the company to Zerodha cofounder Nikhil Kamath, they said, adding that Kamath may buy out Bansal\u2019s remaining stake in the firm. <\/p>\n
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Ather Energy is also finalising plans to raise $75-90 million (about Rs 750 crore) in primary funding<\/a> from existing investors, according to the people. This underscores increasing investor interest in the company and the mobility segment<\/a>, they said. New investors are also being approached.<\/p>\n

\u201cThe primary funding round construct is yet to be finalised but it is likely to be around $75-90 million in total,\u201d said one of the persons, who did not wish to be identified.<\/p>\n

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ETtech<\/span><\/figure>\n<\/div>\n

The funding round may be led by an existing investor which may value Ather Energy between $850 million and $1 billion, according to people in the know.<\/p>\n

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If it manages to raise primary capital at $1 billion valuation, it will become the newest addition to the list of unicorns or startups with a valuation of at least $1 billion. <\/p>\n

Bansal, the first angel investor in Ather Energy, held 10.7% in the company, as per Tracxn data. He has invested nearly Rs 400 crore since 2014. Flipkart cofounder Binny Bansal is also an investor in the company with a 1% stake.
\u201cAmong my private equity investments, this will be among the largest bets that I have made… I truly believe in the product and I am looking to have a good amount of exposure to Ather for the next decade,” Kamath told ET, confirming his investment<\/a>.<\/p>\n

In response to ET\u2019s emailed query, a spokesperson for Bansal said, \u201cWe have no comment to offer.\u201d<\/p>\n

A spokesperson for Ather Energy declined to comment on the primary funding plans.<\/p>\n

In a secondary deal, a new investor buys a stake from an existing investor and the capital does not go to the company coffers. <\/p>\n

Ather Energy\u2019s new fundraising comes after it had postponed funding plans last year citing poor market conditions. Instead, it raised Rs 900 crore in September 2023<\/a> from Hero MotoCorp<\/a> and GIC<\/a> through a rights issue. National Investment and Infrastructure Fund and Tiger Global are among its other investors. In December, HeroMotoCorp increased its stake to 39.7%<\/a> by investing another Rs 140 crore. Ather Energy didn\u2019t disclose who sold shares during the December funding.<\/p>\n

On April 6, Ather Energy launched a new range of \u2018Rizta\u2019 scooters<\/a> targeting the family segment. The firm, which has a total production capacity of 450,000 scooters per year, said it would expand production from the current 150,000 vehicles it makes per year after the Rizta hits the market.<\/p>\n

Also read | <\/strong>New ride-hailing apps racing Uber, Ola for mobility business<\/a><\/p>\n

Mobility in action<\/strong> <\/p>\n

Mobility companies are seeing increased investor interest amid revival in demand for ride-hailing as well as electric scooters after the Covid-19 pandemic.<\/p>\n

Bengaluru-based Rapido is looking to raise around $100 million in new funding, ET had reported on April 6.<\/p>\n

Ola Electric, which competes with Ather Energy in the electric scooter markets, filed its draft papers in December 2023<\/a> for an initial public offering and is awaiting approval from the public markets regulator, Sebi. The firm is looking to raise up to Rs 5,500 crore through a fresh issue, apart from an offer-for-sale, at an expected valuation of $7-8 billion.<\/p>\n

The increased investor interest comes as sectors like electric mobility see booming demand. In 2023-24, there was a 30% jump in electric two-wheeler sales despite a decrease in government subsidies that led to a jump in prices. While Ola Electric, Bajaj and TVS Motors increased their market shares during the financial year, Ather Energy maintained its share at about 11%.<\/p>\n

Exclusive | Upstarts are everywhere, we have to be constantly on our toes in India: Uber CEO Dara Khosrowshahi<\/a><\/p>\n

Ride-hailing is also seeing increased activity, with the likes of Rapido<\/a> and Namma Yatri<\/a>, which had restricted themselves to bike taxis and auto rickshaws, entering the taxi-hailing segment, which had so far been the domain of incumbents Uber India and Ola.<\/p>\n

In 2022-23, Uber reported a 54% increase in operating revenue in India to Rs 2,666 crore, while Ola Cabs saw a 58% jump in total revenue to Rs 2,135 crore. Both firms, however, continued to report losses. <\/p>\n<\/div>\n


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Electric two-wheeler maker Ather Energy is in talks for raising a \u201csignificant round of funding\u201d in a mix of primary and secondary share sale, said people with knowledge of the development.Existing investor, Flipkart cofounder Sachin Bansal, has sold a significant part of his holding in the company to Zerodha cofounder Nikhil Kamath, they said, adding […]<\/p>\n","protected":false},"author":2,"featured_media":33063,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/img.etimg.com\/photo\/msid-42031747\/et-logo.jpg","fifu_image_alt":"","footnotes":""},"categories":[607],"tags":[25398,25402,24046,995,5168,36775,1587,2801,18977,24783,8584,382,15398,36776,15397,3651,36773,10252,36774],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/33062"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=33062"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/33062\/revisions"}],"predecessor-version":[{"id":33064,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/33062\/revisions\/33064"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/33063"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=33062"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=33062"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=33062"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}