EXCLUSIVE: Ola co-founder Ankit Bhati launches new start-up Amnic with former colleagues; to rope in Sequoia as investor

According to Zauba Corp, Amnic Technologies Private Limited was incorporated on June 3, 2021. It is classified as a non-government company and is registered with the Registrar of Companies, Bangalore. Its authorised share capital is Rs 10 lakh and paid-up capital 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 launch the 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 start-ups have raised a record $4.5 billion from investors in 2021, nearly three times that of 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, infrastructure, and new verticals.

The year also created six SaaS unicorns (each valued at over a billion dollars). This was as many as the last two years put together, indicating an increased momentum in the space as they address global markets, predominantly 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 new start-up comes at a time when Ola and its Electric Vehicle venture Ola Electric are battling multiple fires - from a spate of resignations to delayed deliveries to poor customer feedback.