Bhavish Aggarwal wants to get very rich
Enough and more evidence has surfaced to suggest that the co-founder of Ola might have crossed an ethical line or two in certain transactions.
Why read this story?
Editor's note: Some stories need to be told even if they are buried deep in the annals of history. In this particular case, buried deep in the documents filed by ride-hailing startup Ola and its subsidiaries with the Ministry of Corporate Affairs. It is best that we start at the very beginning. The year was 2015, and Ola had just raised a hefty $400 million, a fundraise that could have put most startups to shame. The company, valued at $2.5 billion following this transaction, had some of the biggest names in the world of tech investing on its cap table—from Russian investment firm DST Global and Japan’s SoftBank to American hedge fund Tiger Global and venture capital firm Accel Partners. That year, Ola (registered as ANI Technologies Pvt. Ltd) got a little bolder. It bought rival cab app TaxiForSure for $200 million. It launched a food delivery feature called Ola Café and ventured into grocery delivery with Ola Store. Rumours were strong that digital payments was the next milestone for the company and Ola went for it. In 2015, ANI Technologies acquired …
More in Internet
You may also like
Saudi Arabia plans a big spend for 2026 too, amid weak oil prices
The kingdom approves its awaited state budget for next year, the Emirates records a new high in economy and Yas Island goes driverless, among other updates.
Ola Electric’s cash position looks worrying
Its business in a rut, the Bhavish Aggarwal-led firm has burnt through over Rs 1,000 crore in the first six months of the current fiscal. A fundraise is now critical.
Bhavish Aggarwal’s raise-and-repeat playbook
Aggarwal’s floundering venture is back in the market for funds, barely months after a hefty debt raise. Time for Ola Electric’s board to finally stir from its sleep.