Ola raises $139 mn; valn touches $6.6 bn
Photo Credit: VCCircle

ANI Technologies run ride-hailing aggregator Ola has raised Rs 1,049 crore, or $139 million, from 25 investors as part of its Series J round, regulatory filings reveal. Ola has issued 4,63,471 cumulative series preference J1 shares at a premium of Rs 22,625 per share, valuing it at $6.6 billion, as per VCCircle analysis based on the filings.

The pre-IPO funds of Edelweiss Alternative Asset Advisors and IIFL Holdings have each invested in this round through multiple funds.

Edelweiss’s alternative asset arm has invested around Rs 250 crore through three different funds, while IIFL has invested around Rs 187.5 crore through two different funds. The other investors comprise a mix of family offices and small corporates across the country.

Famy Care founders Sanjeev and Ashutosh Taparia, who sold their pharmaceuticals business to Mylan in February 2015, have jointly invested around Rs 25 crore. Ayurvedic personal care company Vicco Group has put in around Rs 10 crore through two group companies. Pune-based animal health vaccine company Biovet Pvt Ltd has invested close to Rs 50 crore, the filings show. Kolkata-based jewellers Shashi Badalia and Sons have put in close to Rs 25 crore.  

Entrackr reported the development first, which stated the valuation  of Ola had hit  $7.3 billion.  

Ola raised $500 million from Temasek and Warburg Pincus in July 2021.

Backed by SoftBank, Ola had then said that it continues to scale up across categories and geographies in its ride-hailing business. “With strong recovery post-lockdown and a shift in consumer preference away from public transportation, we are well positioned to capitalise on the various urban mobility needs of our customers,” Bhavish Aggarwal, chairman and Group CEO of Ola, had then said.

The current round of investment in Ola comes at at time when Ola is reportedly readying to go public. Zomato became the first tech unicorn to list on the domestic bourses. Others tech unicorns such as Paytm, MobiKwik, PolicyBazaar and Nykaa have listed this year.  

Founded in 2010 by Aggarwal and Ankit Bhati, Ola serves more than 250 cities across India, Australia, New Zealand, and the UK. The company’s electric vehicle arm, too, raised $53 million on Wednesday and is now valued at over $2.3 billion. Temasek, which is an investor in the parent Ola, invested Rs 185.71 crore in Ola Electric.  IIFL and Edelweiss also chipped in Rs 74 crore and Rs 111 crore respectively through their pre-IPO funds.  

In a separate filing, Ola said it has completed of the acquisition of geospatial services provider GeoSpoc for Rs 26 crore. The company had announced the acquisition last month but not disclosed any details about the deal.

Ola posted a 63% decline in its operating revenue to Rs. 983.2 crore during the financial year ending 31 March, 2021. The company, however, managed to reduce its losses by 49% to Rs. 1,116 crore in the same period.

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