Zerodha’s billionaire co-founder Nikhil Kamath, clarified on X yesterday that his patriotism governed his decision to invest in the Bangalore-based two-wheeler Electric Vehicle (EV) startup Ather Energy.
Kamath said that he is passionate about promoting young Indian entrepreneurs and their products and that is why he has decided to invest in Ather Energy as well.
"Patriotism is a different thing for different people, my dream today is to promote young Indian products and entrepreneurs who are making a name for themselves with their products in and outside India," Kamat wrote on X.
Zerodha co-founder also appealed to people to buy more from Indian companies.
He wrote, "Let us all Indians buy more and more Indian products. This campaign should continue till foreigners also start buying Indian brands. Each one of us has some good and bad aspects. Ather Energy has poor marketing but its product is great."
Investor Nikhil Kamath:
Zerodha co-founder Nikhil Kamath invested in Ather Energy in April this year and bought 10.7% of company shares from the company's angel investor and Flipkart founder, Sachin Bansal.
"My story with Ather Energy began when I started being optimistic about the EV sector sometime last year and came across interesting insights," he said.
Kamat joked that he bought the Ather scooter at the full price last year because the CEO of Ather Energy, Tarun Mehta, didn't give him any discount.
Nikhil Kamat shared his optimistic views about the EV sector and pointed out India's projected EV market growth to $117.78 billion by 2032. He also mentioned the government's target for electric vehicles to reach 30% of new vehicle sales. Kamat expressed the need to choose superior products over foreign franchises and to address related issues as product sales increase.
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