The Busy Brains
18 Sept 2023
This news follows Kamath's recent INR 100 crore (approximately $12 million) investment in the publicly listed online gaming startup, Nazara Technologies.
Nikhil Kamath, co-founder of Zerodha, is poised to become part of Ather Energy's shareholder group.
Although specific details remain undisclosed, an ET report suggests that Kamath's investment will be through a secondary share sale.
This news follows Kamath's recent INR 100 crore (approximately $12 million) investment in the publicly listed online gaming startup, Nazara Technologies. Kamath also holds stakes in companies like Licious and Third Wave Coffee Roasters and has made recent investments in ventures such as The Mainstreet Marketplace, Metaman, NAS Academy, and Growth School.
Ather Energy recently secured INR 900 crore (around $108 million) through a rights issue involving Hero MotoCorp and Singapore's GIC. Hero MotoCorp, which already holds a 33.1% stake in Ather Energy, is set to invest up to INR 550 crore in the electric vehicle (EV) startup's rights issue. Initially, Ather had planned to raise $250 million at a $1.3 billion valuation but postponed these plans due to prevailing market conditions. The EV startup was valued at approximately $750 million during its previous funding round.
Ather Energy's product lineup includes the Ather 450X and the Ather 450S, with plans to expand its product portfolio using the intended $250 million funding.
In FY23, Ather reported revenue of INR 1,806 crore, a significant increase from INR 408.5 crore in FY22. Ola Electric, India's leading electric two-wheeler seller, accounted for nearly one-third of all electric scooters sold in India in August, according to government data from the VAHAN portal. The company recently introduced a new generation of electric scooters and unveiled four electric bikes, bringing its current and planned product count to nine.
Ather Energy has also faced reduced sales since the discontinuation of the government's Faster Adoption of Manufacturing of Electric Vehicles (FAME-II) subsidies in June. Sales dropped from 15,420 units in June to 6,835 units in August.