startup funding

Ola Raises $74 Mn in Fresh Funding from Steadview Capital At $5.7 Bn Valuation

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India’s homegrown ride-hailing platform Ola has raised $74 million (~ ₹ 521 crores) in Series J round of funding round from Hong Kong-based equity hedge fund Steadview Capital’s Mauritius arm. The latest funding infusion is part of $1 billion that Ola is currently in the process of raising.

With this fresh infusion of capital, Ola is now valued at $5.7 billion which has resulted in displacing budget hotel chain Oyo Rooms (Oravel Stays Pvt. Ltd) in terms of valuation and now Ola is second most valued startup in India, behind only to One97 Communications Pvt. Ltd, the parent of payment firm Paytm.

The fresh funding comes within just four months after Ola had raised $50 million from two new investors, Hong Kong-based Sailing Capital and the China-Eurasian Economic Cooperation Fund (CEECF), at valuation of $4.2 billion.

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Earlier in January last year, Ola had raised Rs 14.14 crore from Chinese company Eternal Yield International Limited.

According to a report accessed from business intelligence platform Paper.vc, ANI Technologies Pvt Ltd, the holding company of Ola, on Wednesday issued series ‘J’ preferential shares to Steadview Capital Mauritius Ltd.

Bengaluru-headquartered Ola issued 245,082 shares with a face value of Rs 10 each and a premium of Rs 21,240.

In October last year, Competition Commission of India (CCI) has approved a proposal from the founders of Ola to enhance their stake in the parent company, ANI Technologies. This allowed acquisition of 6.72% shares of ANI Technologies Pvt. Ltd. by Lazarus Holdings Pte. Ltd, is a Singapore-incorporated subsidy set up by ANI Technologies to be used as an investment holding company.

Just yesterday, it was reported that Ola is in discussions to invest or even acquire Myra Medicines, a medicine delivery startup, in order to enter the burgeoning online medicine delivery segment.

Ola, formerly Olacabs, was founded in Jan 2011 by IIT Bombay alumni Bhavish Aggarwal and Ankit Bhati. India’s most popular mobility platform has users across 110 cities with over 800,000 vehicles across cabs, auto-rickshaws, and taxis.

Besides SoftBank, other investors in Ola include Tiger Global Management, Falcon Edge, DST Global and Matrix Partners India.

Source – LiveMint,

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