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Bengaluru-based EV startup Ather Energy is gaining attention as it approaches a major fundraising phase, mixing primary and secondary share sales.
In a notable secondary transaction, Sachin Bansal, co-founder of Flipkart and an early investor in Ather Energy, has sold a large portion of his shares to Nikhil Kamath, co-founder of Zerodha, media reports said. The move is part of a broader strategy to raise between $75 million and $90 million in new funding.
Nikhil Kamath's Investment
Nikhil Kamath has confirmed his purchase of Bansal's stake, expressing strong confidence in Ather Energy's future. "Among 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," he told the Financial Daily.
Ather Energy valuation
Ather Energy's fundraising efforts are aimed at achieving a valuation of between $850 million and $1 billion. If successful, this would elevate Ather to unicorn status, categorizing it among startups valued at over $1 billion. The company is actively engaging with its existing investors and seeking new ones to reach its financial targets.
Production Expansion and Market Growth
Ather Energy recently launched a new range of electric scooters named 'Rizta' on April 6, targeting the family segment. The startup company has plans to ramp up its production capabilities significantly, from 150,000 vehicles per year to a potential 450,000, as demand for electric two-wheelers continues to rise post-pandemic.
The electric vehicle market is witnessing a surge in interest and investment. Companies like Ola Electric are also making significant strides, with plans for an initial public offering aiming for a valuation of up to $8 billion. Meanwhile, traditional ride-hailing services are expanding their offerings, reflecting a broader trend of growth and innovation in the mobility sector.