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Ola’s founders, Temasek to buy stake in ANI Technologies

Ola's founders Bhavish Aggarwal and Ankit Bhati, along with Singapore-based Temasek Holdings are set to purchase around 10% stake in ANI Technologies, the parent company of the cab aggregator, through a secondary sale transaction, according to a filing made with the Competition Commission of India. “The proposed combination pertains to the indirect acquisition of less than 10% of the share capital of ANI by Mr Ankit Bhati, Mr Bhavish Aggarwal and MacRitchie through Lazarus from certain existing shareholders of ANI,” the filing said. While Lazarus Holdings is a special purpose vehicle (SPV) which will be used as an investment holding company, MacRitchie Investments is an indirectly wholly-owned subsidiary of Singapore based group. The deal, which reportedly values Ola at $3.5 billion, is subject to the approval of country’s competition watchdog. Many details about the deal, including the sellers of stake, the value and proportions of the purchase remain unclear. According to a report by the Economic Times, the deal could see - employees of Ola, angel investor Rehan Yar Khan, Accel India, Bessemer Venture Partners, Helion Venture Partners - sell their stakes. Citing sources aware of the development, ET said that Temasek will account for about 5% of the said purchase for around $150-200 million. The report goes on to say that the company will make further investments in the company via primary and secondary rounds in the future. MediaNama reached out to Ola and Temasek for a comment, however, we did not receive a reply at the time of publishing. Deal…

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