Ola founders get CCI nod to acquire additional stake in parent company

Must Read

President Ram Nath Kovind appoints new governor for Kerala, Telangana, Himachal Pradesh and Maharashtra

President Ram Nath Kovind appointed new governors for Maharashtra, Kerala, Telangana, Rajasthan, and Himachal Pradesh on Sunday. https://twitter.com/ANI/status/1168037199767457792 Former Union Minister Kalraj...

NRC list for Assam released; Fear looms as 19 lakh people face exclusion

NRC (National Register of Citizens) for Assam has been published at 10 am today. The final list excludes over...

Lateral Entry Era Begins as Union govt. appoints 9 professionals to Joint Secretary posts

The government has appointed its first batch of private professionals to the post of Joint Secretary in various ministries....

The Competiton Commission of India (CCI) has approved an additional share purchase by Ola founders, Bhavish Aggarwal and Ankit Bhati, in ANI Technologies, Ola’s parent company.

The additional acquisition of 6.72% is made through Singapore-based Lazarus Holdings, a special purpose vehicle which will be used as an investment holding company.

The Cab aggregator founders had applied to the CCI for approval, last month.

The approval was sought for the indirect acquisition of less than 10% of the share capital of ANI Technologies by Ankit Bhati, Bhavish Aggarwal, along with MacRitchie, through Lazarus Holdings, from certain existing stakeholders of ANI Technologies.

MacRitchie Investments is an indirectly wholly-owned subsidiary of Singapore-based investment company Temasek Holdings.

According to Inc42, the shareholder selling their stake include some employees of Ola, along with angel investor Rehan Yar Khan, and venture capital investors who received shares in Ola after its acquisition of TaxiForSure in 2015.

This also includes investors such as VC firms Accel India, Bessemer Venture Partners, Helion Venture Partners, and TaxiForSure founders Aprameya Radhakrishna and Raghunandan G, who are making a partial exit from Ola.

Ola has been steadily expanding and growing as it competes with another cab hailing giant Uber, in India, and also globally.

It is to be noted that, earlier this month, Ola raised ₹362 crores from two new Chinese investors and announced its foray into the New Zealand market.

While Ola fiercely competes with Uber, for greater market share, in July 2018, the Indian cab aggregator started making money on each ride, as it eyes profitability.

In August 2018, Ola had expanded its cab-hailing business into the UK market.


Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Drashti Dhami and Sanaya Irani are ultimate buddies, Check out photos

Drashti Dhami and Sanaya Irani are one of the closet buddies in film industry. Both have worked and stayed...

Japan PM Shinzo Abe to meet Iran’s President Hassan Rouhani

Following the rising tensions in the Middle-East after an attack on the oil facilities in Saudi Arabia. Japanese Prime Minister Shinzo Abe is set...

Spain rejects US extradition request for Venezuela’s top spy Hugo Carvajal

Spain's top court has denied an extradition request by the United States and has ordered the release of Venezuela's former spy chief, Hugo Carvajal. Carvajal...

Borderlands 3 cloud-save hotfix coming soon

Borderlands 3 made its first appearance at E3 2019 during Microsoft’s press conference on June 9. After months of anticipation, Borderlands 3 finally released on PC, PS4 and Xbox One on September 13th. But it seems like...

Radhika Apte makes a Classy appearance at IIFA Rocks 2019

Radhika Apte is an Indian film actress, who is popularly known for her intellectual roles and passionate acting in the movies. She has worked...
- Advertisement -

More Articles Like This