Ather Energy raises Rs 286 crore from founders and Stride Ventures

economictimes.indiatimes.com:

Electric scooter maker Ather Energy has raised Rs 286 crore ($34 million) from its founders and Stride Ventures in a mix of debt and equity funding.

Ather’s cofounders Tarun Mehta and Swapnil Jain invested Rs 86 crore in the firm through series F compulsorily convertible preference shares, while debt fund Stride Ventures invested Rs 200 crore through series C3 debentures, documents filed by Ather with the Registrar of Companies showed.

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On April 23, ET first reported that Ather was finalising plans to raise $75-90 million (about Rs 750 crore) in primary funding from new and existing investors, with the funding round likely to be led by an existing investor which might value the firm between $850 million and $1 billion.

At the same time, Flipkart cofounder Sachin Bansal, one of the earliest investors in the firm, had sold a significant part of his holding in the company to Zerodha cofounder Nikhil Kamath, while also looking to sell the remainder of his stake in the firm.

Bansal held 10.7% in the company, as per Tracxn data, having invested nearly Rs 400 crore since 2014. Flipkart cofounder Binny Bansal is also an investor in the company with a 1% stake.

Ather Energy’s new fundraising comes after it postponed funding plans last year citing poor market