Flipkart founder Sachin Bansal was one of Ather Energy’s earliest backers, but he hasn’t participated in the company’s recent valuation jump. That number matters because of how far removed it is from what Ather was worth when Bansal walked away from his stake in 2024. Bansal began selling down his Ather holding in stages, and Nikhil Kamath, the Zerodha co-founder, emerged as the buyer picking up the bulk of it. That transaction valued Ather at ₹5,636 crore, or roughly $675 million. His shareholding, worth a few hundred crore when he bought it off Bansal, is now valued at several times that.