OLA Elevates $16 Mn From New US-based Investors In Its Ongoing Series J Round
Ola has raised $16 Million i.e. Rs. 112 crore from a clench of new US- based investors as a part of its ongoing series J funding round.
The fresh funding round was participated by nine eminent investors.
ANI Technologies (parent of Ola) is allotting 53,024 preference shares of face value Rs. 10 to the investors.
Japanese Conglomerate Softbank holds the highest stake about 22-26% in the
The 21st era is a heroic era of entrepreneurship and innovation. In this era, humanity is bestowed with lots of successful startups. Ola, India’s second most valued startup operated by ANI Technologies. The cab-hailing app Ola is expanding its business day by day. In the chain, to its business expansion, Ola has raised $16 Million i.e. Rs. 112 crore from a clench of new US- based investors as a part of its ongoing series J funding round.
The fresh funding round was participated by nine eminent investors. These include:-
- Petite Pond
- J3T Ventures
- Omar O Raucci
- Lyon assets Inc
- Tina price
- Steven Price
- HBM investment
- THC Ventures 12
- Raymond S Chanman, chairman of the trading firm the Trans Market Group.
According to documents filed with the registrar of companies ANI Technologies (parent of Ola) is allotting 53,024 preference shares of face value Rs. 10 to the investors.
As estimated the current Trenche values the cab-hailing giant at an estimate of $ 5.6 billion. Funding for Ola by VCCircle closed at little fewer rates because company noticed that it has secured $73.97 million from its existing investor Steadview Capital and $21 million from Flipkart founder Sachin Bansal.
Cab hailing giant was in news last year, September for signing huge amount for raising capital to invest in its an overseas market and maintaining its food business, Foodpanda. During that time several media reports also stated that the company is going to raise funds of $1 billion from Singapore state investment firms Conglomerate Naspers, South African Technology and Temasek.
Ola is expanding funds day by day to reduce its dependence on Japanese Conglomerate Softbank, which holds the highest stake about 22-26% in the company.
As per the reports, from 31 March 2018 Ola has halved its losses and enhanced operating revenues by 60.98% to Rs. 2,222.6 Crore with gross expenses remaining stagnant.
Apart from overseas expansion, Ola is also exercising in its noncore business such as scooter rental, medical and grocery delivery, lending and food tech.
The company is also reducing its investment in its food business Foodpanda to focus more on private label food kitchen via Foodpanda. Ola has also put a focus on scooter rental by giving $100 million commitment for VOGO.
Ola is continuously raising its funds to focus on all its versatile business. Stay updated with us for the latest news!
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