Ola’s parent company ANI Technologies has made a proposal to increase its authorised share capital to include an additional number of Series-J shares in a bid to mop up USD 300 million.
According to a filing with the Registrar of Companies and accessed by business signals provider paper.vc, Ola said a clutch of new investors including Flipkart cofounder Sachin Bansal and the two auto majors, who came on board in the funding round, would pay the same price per share — Rs 21,250 for 1162259 Series J cumulative compulsorily convertible preference shares, reported ET.
Ola co-founder Bhavish Aggarwal is fighting to maintain his independence against SoftBank Group Corp, the single largest stakeholder in the company. If the proposal goes through, SoftBank’s stake is also likely to shrink to 23.37% and the joint stakes of Ola founders, Bhavish Aggarwal and Ankit Bhati, will see an uptick at 10.88%.
“SoftBank will continue to be the single largest stakeholder in Ola, and the relationship between them and the company is one for the long term. Keeping Soft-Bank at less than 25% helps raise additional capital from other large institutional investors at a later stage,” ET quoted an industry source in the know as saying.
Aggarwal is aggressively pushing to raise funding from unaligned backers. In March, the ride-hailing platform picked up USD 300 million from South Korean automotive manufacturers Hyundai and Kia to double down on its electric vehicle play.
The trio has agreed to extensively collaborate on developing unique fleet and mobility solutions; building India-specific electric vehicles and infrastructure; as well as nurturing best in class opportunities and offerings for aspiring driver partners with customised vehicles.
Ola has brought in investors such as Raymond S Cahnman, chairman of Transmarket Group, philanthropists Tina and Steven Price, J3T Ventures and Lyon Assets, among others to broaden the cap table.
Ola Electric Mobility has also raised USD 400 crore in its first round of investment led by several of its early investors, Tiger Global and Matrix India and others. In 2018, Ola announced ‘Mission: Electric’ to bring 1 million electric vehicles on Indian roads by 2022.