Breaking News

Ola raises $104M in Series I funding round from Falcon Edge Capital & Ratan Tata’s RNT Capital Advisers

img

Ola is an app-based platform which lets users book a cab nearby

Bengaluru-based cab aggregator Ola has raised $104Mn in Series I funding round  from US hedge fund  Falcon Edge Capital and Ratan Tata’s RNT Capital Advisers.

Ola, operated by ANI Technologies Pvt. Ltd has raised an undisclosed amount from Tata, chairman emeritus of Tata Sons Ltd,in his personal capacity in July 2015.

Falcon Edge invested Rs 402 crore while UC-RNT Fund, a joint venture between Tata and University of California Investments, put in Rs 267.9 crore, according to Ola’s filings with the Registrar of Companies. Fresh shares were issued to both Falcon Edge and RNT Capital at Rs13,511 apiece.

Ola issued shares to SoftBank at Rs12,895 apiece in November, regulatory filings show,which implies that the company’s valuation had risen by about 4.8% in the latest funding round.

Also Read:  Sell Off Your Wife If you Can't Build A Toilet For Her: Bihar IAS Officer

Emails sent to RNT Capital and Falcon Edge on Wednesday evening remained unanswered.Ola did not respond to an email seeking comments.

Ola was founded by Bhavish Aggarwal and Ankit Bhati in 2010. It does not maintain its own fleet, rather onboards independent drivers, and cab agencies with Ola’s branding. Offers city taxi, outstation, and hour-based rental services. Also introduced Auto rickshaw booking feature in late 2014. Has mobile apps on Android, iOS and Windows platforms that connect the consumer to the cab. Receives 50% of its bookings from mobile. Also, has an app for drivers that acts as an in-car navigation and communication device.

Ola acquired rival TaxiForSure for $200M in a cash and stock deal in March 2015. It has existing partnerships with China’s Didi Kuaidi, US-based Lyft, and Malaysia’s GrabTaxi, which will allow passengers to book rides on any of these cab services using just one app.

Also Read:  freshback™, the Ultimate Laundry Hack for Odour-Free Clothes, Participates in OpenIDEO Circular Design Challenge

As of june 2016, Ola became the first aggregator to receive operator’s permit issued by Karnataka State RTA. Launched hourly car rentals ‘Ola Rentals’ in Mumbai. Raised $330M in series G round of funding from Softbank and two other investors at a declined valuation of $3.5B in Feb 2017.

The total funding raised by Ola so far is $1.59 Billion. In April 2017, Ola raised $250 Mn in series G funding round from SoftBank.

Featured image source

Facebook Auto Publish Powered By : XYZScripts.com