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Ola Raises $50 Mn From New York Based Hedge Fund

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Cab-hailing firm Ola, operated by ANI Technologies Pvt. Ltd, has raised about $50 mn  from New York-based hedge fund Tekne Capital Management LLC.

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

Ola is present in 102 cities in India with over 450,000 vehicles on its platform as of March 2017. It acquired TaxiForSure for $200M in a cash and stock deal in March 2015.

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.

Ola was founded by founded by Bhavish Aggarwal and Ankit Bhati in January 2011. In April 2017,  ola raised $250 Mn in series g funding round from Softbank group. Also in May 2017, Ola raised $104 Mn from RNT Capital and US-based hedge fund Falcon Edge Capital.

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New York-based Tekne Capital was founded in 2012 by Beeneet Kothari, a former portfolio manager at PointState. A person familiar with the development said “Ola continues to be in talks with various investors, including Coatue Management for this round.”

Ola raised capital at a lower valuation of $3 billion last year, from $4.5-5 billion in 2015. It has so far raised total funding of  $1.60B.

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