Sachin Bansal, Flipkart’s co-founder and Former Chief Executive, who minted close to a billion dollars after Walmart’s takeover of the e-commerce firm, is going to invest in Ather Energy
As per reports, Bansal is in talks with electric scooter maker Ather Energyto invest $50-100 million. Sachin, and Binny Bansal, Flipkart’s other co-founder, are the first investors in the company.
The duo is said to have introduced Ather to Flipkart’s investor Lee Fixel of Tiger Global. Tiger, along with automobile maker Hero MotoCorp, invested Rs 2 billion in the company.
Founded by Indian Institute of Technology (IIT), Madras alumni Tarun Mehta and Swapnil Jain, Ather is building its own line of electric scooters from ground up. The first dozen units were shipped only recently, including one that Sachin Bansal took home.
“We are in the midst of a fund-raise,” Tarun Mehta, founder and chief executive at Ather told Business Standard. He did not give specifics.
Sachin Bansal made several small investments when he was at Flipkart. Now, after stepping down, he is looking to focus on large investments.