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Early Bhavish Aggarwal backer Z47 fully exits Ola Electric with 7-10X returns
Z47, formerly Matrix Partners India and one of the most prominent backers of Bhavish Aggarwal's ventures, has fully exited its position in his electric two-wheeler maker Ola Electric, according to people aware of the matter.
The venture capital investor, which was also an early backer of ANI Technologies (under which Ola Electric and the entity that runs the Ola Cabs business was housed initially), has been selling the EV company's shares in open market transactions, bringing its stake down gradually. One of the persons cited above said the VC firm has realised 7-10X returns on its investment of Rs 107 crore following its full exit.
According to Ola Electric's filings, Z47 held around 8.5 crore shares, or 1.93% stake, as of June 30, which was reduced to nil as of September 30. The VC firm had first invested in Ola Electric in 2019. At the time of Ola Electric's listing in August 2024, Z47 held around 2.8% stake (over 12.5 crore shares).
Queries sent to Ola Electric and Z47 remained unanswered as of press time Friday.
Prior to Ola Electric, Z47 has also made partial exits from the ride-hailing platform Ola (ANI Technologies), where it currently holds around 3.6% stake, as per Tracxn.
The firm had cumulatively invested Rs 2,400-2,500 crore in the company, with the first cheque being written in 2013. It has so far sold stake worth around Rs 1,300-1,400 crore, and is sitting on unsold stock worth approximately Rs 1,900 crore, per Ola's last valuation of $3.8 billion.
The company's valuation has since been marked down by US investor Vanguard in its books to below $2 billion.
Z47 also backed Aggarwal's AI startup Krutrim as its first institutional investor, having invested around Rs 300 crore at a unicorn valuation, according to data sourced from Tracxn.
Cash distribution
The exit from Ola Electric comes as Z47 is in the market to raise its first independent fund since separating from its US parent, and is targeting $300-400 million. The stake sale helps the firm lock in returns and enhance confidence among prospective limited partners, the sources said. More secondary stake sales from its India portfolio are expected.
Last month, ET reported that Z47 had secured a full exit from enterprise software-as-a-service (SaaS) firm MoEngage.
The firm had earlier mentioned that it was trimming its holdings in Ola, business-to-business (B2B) commerce platform OfBusiness, fintech firm Razorpay, and content platform Dailyhunt to net $150–180 million, as reported by ET in October 2024.
Ola Electric's troubles
Ola Electric, once the largest player in the EV two-wheeler space, has slipped to fifth place in terms of market share. It has been grappling with multiple headwinds, including regulatory scrutiny, intensifying competition in the EV two-wheeler segment, and disruptions around its service network.
The company's stock price hit an all-time low of Rs 34.7 earlier on Friday, dragging its market capitalisation down to Rs 15,623 crore. It had gone public last year at a valuation of more than Rs 33,000 crore.
Other major shareholders have also pared their exposure in the company. Tiger Global and Alpha Wave Ventures, which held 3.24% and 2.83%, respectively, as of June, now hold residual stake of under 1% each, according to the latest September shareholding disclosures.
In June, Hyundai Motor Company and Kia Corporation sold around 10.88 crore and 2.7 crore shares in the company, earning Rs 552 crore and Rs 137 crore, respectively.
Source: EconomicTimes
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