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Ola raises additional Rs 150 cr in ongoing Series J round

By Anuj Suvarna

  • 22 Feb 2022
Ola raises additional Rs 150 cr in ongoing Series J round
Credit: VCCircle

Cab ride-hailing aggregator Ola Cabs, operated by ANI Technologies Pvt Ltd, has raised Rs 150 crore in its ongoing Series J round from Axis Growth Avenues AIF and Arrow Multi-Asset Fund, as per VCCircle analysis based on the regulatory filings.  

Ola has issued 66,268 Series J1 preference shares at a price of Rs 22,635 per share in order to raise Rs 150 crore. Axis Growth Avenues AIF has invested Rs 112.5 crore in this tranche, while Arrow Multi has put in Rs 37.5 crore, the filings show.

Last month, Axis Growth Avenues AIF had also participated in Swiggy’s $700 million round.

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In the previous fundraising in December 2021, Ola had racked up Rs 1,049 crore ($139 million), from 25 investors as part of its Series J round by issuing 4,63,471 cumulative series preference J1 shares at a premium of Rs 22,625 per share. at a valuation of $6.6 billion. In the same month, it had also raised $500 million via a Term Loan B (TLB) from marquee international institutional investors.

The latest fundraising is likely to have fetched a valuation of over $7 billion.

Ola's current round of funding comes as the company is preparing to go public through an initial public offering (IPO) this year. Zomato is the first tech unicorn to be listed on a domestic exchange last year. In 2021, several tech unicorns like Paytm, MobiKwik, PolicyBazaar, and Nykaa were added to the list. 

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Started in 2010, Ola was founded by current chairman and Group CEO of Ola Bhavish Aggarwal and Ankit Bhati (Co-founder and CTO). It now services over 250 locations in India, Australia, New Zealand, and the United Kingdom. 

The company's electric vehicle (EV) division also raised $53 million, valuing it at almost $2.3 billion. Temasek, a shareholder in the parent company Ola, put Rs 185.71 crore into Ola Electric. Through their pre-IPO funds, IIFL and Edelweiss contributed Rs 74 crore and Rs 111 crore, respectively. 

Ola said in a separate filing that it has finalised the acquisition of GeoSpoc, a provider of geospatial services, for Rs 26 crore. The corporation announced the acquisition last month but did not provide any additional information. 

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During the financial year ending March 31, 2021, Ola's operating revenue fell by 63% to Rs. 983.2 crore. During the same period, the company managed to cut its losses by 49% to Rs. 1,116 crore. 

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