Flipkart co-founder Sachin Bansal has exited electric vehicle maker Ather Energy by selling his remaining 7.5 percent stake in the company, as per media reports.
Bansal had invested around Rs 400 crore over the years starting from 2014, according to an Economic Times report.
The report further stated that he sold 2.2 percent stake to Hero MotoCorp for Rs 124 crore and the rest to Zeordha cofounder Nikhil Kamath.
This news comes after Hero MotoCorp on June 6 said it will acquire an additional 2.2 percent stake in Ather Energy for Rs 124 crore.
Investment is being made in the form of purchase of additional shares from an existing shareholder of Ather Energy for acquisition of up to 2.2 per cent, Hero MotoCorp said in a regulatory filing.
The acquisition entails an investment of up to Rs 124 crore and is expected to be completed by July 31, 2024, it added.
Hero MotoCorp currently holds a 39.7 per cent stake in Ather Energy.
Ather Energy clocked a consolidated revenue of Rs 1,753 crore, which was 1.7 percent lower Year-on-Year (YoY) in the financial year 2024 amid rising competition, subsidy reduction, and overall slowdown in the market due to macroeconomic pressure.
Ather Energy has raised Rs 286 crore ($34 million) through a mix of debt and equity, largely through venture debt, and through co-founders, as it prepares to go public by 2025.
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