Zerodha Co-founder Nikhil Kamath To Join Ather Captable

Nikhil Kamath, Co-founder, Zerodha

Nikhil Kamath, Co-founder of Zerodha, is set to join the captable of EV-maker Ather through secondary share sale. The investment, an undisclosed amount will take shape by selling the existing holding of the investor to new sellers. However, the money will not come under the coffer’s control.

On Spetmber 6, Tiger Global-backed Ather energy said that it raised Rs 900 crore in a rights matter from two-wheeler maker Hero MotoCorp and Singapore’s Sovereign Wealth fund GIC.

However, it is uncertain which entity of Kamath will be used for the deal that is nearing completion. Majorly, Kamath invests through KamathAssociates and NK Squared.

The recent development has arrived in the backdrop of events that recently led Ather Energy to the cancellation of its fundraising plan of around USD 250 million. Despite hurdles, the startup is planning to expand its product range and sales outcome to outpace its nearest rival Ola Electric.

As per Tracxn, Ather energy was valued at USD 739 million during the October fundraise of USD 50 million. Similar to its peers in the EV market, Ather Energy is also facing severe blows to its sales with the recent rollback of Faster Adoption of Manufacturing of Electric Vehicles (FAME-II).

The company claims to have sold 6,835 units in August. After the launch the Fame-II subsidy in March and June, it ended up selling 12,184 and 15,420 units respectively.

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