Zerodha co-founder Nikhil Kamath is all set to join Ather Energy’s cap table. According to media reports, Kamath will invest via a secondary share sale.
Kamath has recently invested Rs 100 crore in online gaming company Nazara Technologies, increasing his stake in the company to 3.5 per cent.
Ather secured Rs 900 crore in a rights issue from Hero MotoCorp and Singapore’s GIC recently. Hero MotoCorp, which already holds a 33.1% stake in Ather Energy, will invest up to RS 550 Crore in the EV startup’s rights issue.
Ather has two core products, the Ather 450X and the Ather 450S. It has been looking to expand its product portfolio and was looking to finance the same via the $250 million funding round.
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The company is also seeing a hit to sales since the rollback of the government’s Faster Adoption of Manufacturing of Electric Vehicles (FAME-II) subsidies this June.
In addition to his $3 million investment through Natco Pharma Limited in the hygiene and wellness company Pee Safe, Kamath made another choice in August when his business gained approval from SEBI to enter the asset management market. After that, it launched the Zerodha Tax Saver (ELSS), Nifty Large Midcap 250 Indices Fund, and Zerodha Nifty Large Midcap 250 Index Fund (ZN250), entering the asset management industry.
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