Cab aggregator Ola's co-founder Ankit Bhati will be launching a new startup called Amnic in the software as a service (SaaS) space along with former colleagues Satya Nagarajan and Nimish Joshi, sources familiar with the development told Moneycontrol, adding that Sequoia Capital is likely to invest $15-$20 million in the startup as part of a seed round.
Fresh out of IIT, Bombay, Bhati co-founded ANI Technologies( along with college senior Bhavish Agarwal in 2010). While he served as its Chief Technology Officer since inception, he took a backseat a couple of years ago, even as he continued as a shareholder. While Satya Nagarajan served as the Vice President and Head of Software Engineering & AI at Ola before leaving in March last year, Nimish Joshi was the Vice President and Head of Strategy and Business Development.
Moneycontrol learns that the newly minted startup Amnic will operate in the DevOps (software development and IT operations) toolchain space, where it will help businesses maintain a software development pipeline and make the process easier.
According to Zauba Corp, Amnic Technologies Private Limited was incorporated on June 3, 2021. It is classified as a non-govt company and is registered at Registrar of Companies, Bangalore. Its authorised share capital is Rs 10 lakh and its paid-up capital is Rs 10 lakh. It is involved in other computer-related activities [for example maintenance of websites of other firms/ creation of multimedia presentations for other firms etc.]. The directors listed are Nagarajan Sathya Narayanan and Ankit Bhati.
Bhati's move to start-up in the SaaS space comes at a time when the sector has seen huge investor interest - in India and abroad. Indian software-as-a-service startups have raised a record $4.5 billion from investors in 2021, nearly three times the previous year, led by innovation, access to capital, and larger market size, according to a report from consultancy firm Bain and Co.
A lot of these companies were also category creators in areas such as DevOps (software development and IT operations), infrastructure, and new verticals.
The year also created six SaaS unicorns being valued at over a billion dollars or more. This was as many as the last two years put together, indicating an increased momentum in the space as they address global markets, predominantly in the US and Europe.
Bhati also joins a growing list of second-time entrepreneurs such as Sachin Bansal, Mukesh Bansal, Kunal Shah, and Aprameya Radhakrishna, who have cemented their credentials as founders and find it easier to access capital.His move to start up again also comes at a time when Ola and its Electric Vehicle venture Ola Electric is battling multiple fires - from a spate of resignations to delayed deliveries to poor customer feedback.