startup funding

Ola Raises Fresh $11 Mn from DIG Investment, Deshe Holdings and Founders Jabbar Internet Group

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Ola Raises Fresh $11 Mn from DIG Investment, Deshe Holdings and Founders Jabbar Internet Group

Within a week after Ola Electric, the EV unit of cab aggregator Ola, had raised ~ US$250 million funding from SoftBank, Ola’s parent company ANI Technologies has raised $11 million in fresh funding from a set of new investors including Swedish DIG Investment Ab, US-based Deshe Holdings and the two founders of Dubai-based Jabbar Internet Group, reported Economic Times, citing business intelligence platform Paper.vc.

Regulatory filings accessed by Paper.vc showed that the latest funding is part of Ola’s ongoing Series-J round. Ola has said it plans to raise close to $1 billion as part of its ongoing fundraising exercise.

Ola has been raising funds in tranches as part of its plan to raise $1 billion in fresh funds. The company had earlier secured $100 million from Sachin Bansal in January this year in its ongoing Series J round, which was also Bansal’s first major investment after his exit from Flipkart.

Two months back, Ola had raised undisclosed amount from Ratan Tata, who is also an investor in Ola.

The Indian cab-hailing firm is also setting up a advance technology center in Silicon Valley of the U.S to develop technologies related to electric/ connected/ autonomous vehicles. The tech center by Ola will be in Palo Alto in the Bay Area and Ola will be the second Indian consumer internet company to launch a technology center in Silicon Valley after Flipkart.

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Suman Chaudhary
An engineer by education and writer by profession, Suman keeps tab on startup ecosystem of India and leads the research team of IndiaWeb2 for covering funding deals, merger & acquisition and market reports.

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