Ola founders, Temasek to raise stake in ANI technologies, seek CCI’s approval
After diluting shares in various funding rounds, it is a time for Ola cofounders to increase stakes in the company. Thus, Ola’s cofounders Bhavish Aggarwal and Ankit Bhati along with MacRitchie (via Lazarus), have sought the approval of Competition Commission of India (CCI) for increasing stakes in Ola parent company, ANI Technologies.
MacRitchie Investments is an indirectly wholly-owned subsidiary of Singapore-based investment company Temasek Holdings.
For the acquisition, the cofounders will use a Singapore-based special purpose vehicle Lazarus Holdings and use it as an investment holding company.
The three parties aim to indirectly acquire less than 10 per cent of the share capital of ANI Technologies from certain existing shareholders of the company.
According to reports, Temasek has invested over $200 million in the Bengaluru-based company.
Recently, Temasek Holdings acquired secondary shares of worth $30 million from the employees of the cab-hailing company. In the secondary transaction, Temasek bought the shares at a valuation of between $2.5-3 billion.
Besides, Ola is planning to raised funds from Temasek in a separate deal, which will be a combination of primary and secondary capital. As part of the deal, Temasek is expected to purchase about $150-200 million of secondary shares in the company.
Meanwhile, the Bengaluru-based company had raised a new round from Chinese investors at the valuation of $5 billion.
Although the funding amount is small, valuation of Ola has crossed $5 billion for the very first time. During the recent secondary transaction worth $225 million from Temasek, the company valuation remained undisclosed.
The development was first reported by Mint.