Ola co-founder Ankit Bhati launches new startup Amnic

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.

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.