Bangalore-Based cab aggregator Ola, which is operated by ANI Technologies Pvt. Ltd has raised Series I funding of $104.4 Mn (INR 670 Cr) from Falcon Edge Capital and Ratan Tata’s RNT Capital Advisers, as stated in recent regulatory filings with the Registrar of Companies.
According to the RoC, the US hedge fund Falcon Edge will be leading the funding round by investing Rs 402 Crore, while RNT Capital invested Rs 267.9 crore in the funding round.
The fresh funding came right after recent filings with the US Securities and Exchange Commission, US-based Vanguard Group’s marked up the value of its investment to $187.5 per share as on February 28, 2017, in ANI Technologies.
Ola has issued 495,526 shares at INR 13,521 per share. The shares issued are fully and compulsorily convertible, cumulative preference shares. Ola’s current valuation couldn’t be ascertained. In August 2015, it was valued at $4.8 Billion. However, media reports in February pegged its valuation around $3.5 billion. With the latest funding, Ola has valuation will be raised to $1.5 billion.
Ola was started by Bhavish Aggarwal and Ankit Bhati in January 2011. Till date, it has raised total equity funding of $1.6 Bn in nine rounds from about 20 investors. It is India’s most popular mobile application for booking cab, changing the way to travel around the city. the company had expanded to a network of more than 600,000 vehicles across 110 cities.
Recently, in April 2017, the company has raised $250 Million from Softbank at the lower valuation of 30% at $3.5 Billion.
While facing heavy competition from US-Based rival Uber Technologies Inc, Ola has been spending a lot in attracting their customers and gain market strengths. Ola is also quoted as India’s third-most valuable Internet start-up. Read more about Indian Startup Ecosystem.