Brace yourself. This one has Softbank all over it. In October 2017, the press went all out to report that Ola raised $1.1 billion from Tencent and Softbank, with the promise of another billion on its way. Shortly thereafter Tencent closed a ₹2,580 Cr (~$400M) investment in Ola.
Then came news of Softbank acquiring a large stake in its arch-rival Uber.
We’re now in January 2018. And we’re still waiting for Softbank’s investment to show up on Ola’s captable. For a while now, we've been asking ourselves, "did Softbank do a Snapdeal on Ola?"
While we wait for an answer to that question, Ola appears to have closed the FoodPanda/DeliveryHero deal that it had announced in December 2017.
According to filings with the Indian Ministry of Company Affairs, Ola’s company, ANI Technologies Private Limited, has issued ₹28 Cr worth of preference shares for consideration other than cash to DeliveryHero, the German parent company of FoodPanda. Ola also filed a share purchase agreement in support of this issuance that indicates that this ₹28 Cr is the consideration for buying 100% of the shareholding of Pisces eServices Private Limited (FoodPanda India), the Indian company that runs FoodPanda.
In addition to this allotment, filings indicate that DeliveryHero has invested ₹174Cr (Series I4) in Ola and Ola in turn has invested this ₹174 Cr in FoodPanda India. In essence this places the total consideration for the deal at ₹202 Cr.
When announcing the deal in December, Ola indicated it would invest $200 M in FoodPanda India. The current investment of ₹174 Cr does not appear to be part of this planned investment.
With this closing, Naspers is now an indirect shareholder in Ola. Naspers had earlier invested in DeliveryHero and recently increased its stake to 23.6% becoming the single largest shareholder in DeliverHero).