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Cab ride-hailing aggregator Ola Cabs, operated by ANI Applied sciences Pvt Ltd, has raised ₹150 crore in its ongoing Collection J spherical from Axis Progress Avenues AIF and Arrow Multi-Asset Fund, as per VCCircle evaluation based mostly on the regulatory filings.
Ola has issued 66,268 Collection J1 desire shares at a worth of ₹22,635 per share so as to increase ₹150 crore. Axis Progress Avenues AIF has invested ₹112.5 crore on this tranche, whereas Arrow Multi has put in ₹37.5 crore, the filings present.
Final month, Axis Progress Avenues AIF had additionally participated in Swiggy’s $700 million spherical.
Within the earlier fundraising in December 2021, Ola had racked up ₹1,049 crore ($139 million), from 25 buyers as a part of its Collection J spherical by issuing 4,63,471 cumulative collection desire J1 shares at a premium of ₹22,625 per share. at a valuation of $6.6 billion. In the identical month, it had additionally raised $500 million by way of a Time period Mortgage B (TLB) from marquee worldwide institutional buyers.
The most recent fundraising is prone to have fetched a valuation of over $7 billion.
Ola’s present spherical of funding comes as the corporate is getting ready to go public by means of an preliminary public providing (IPO) this 12 months. Zomato is the primary tech unicorn to be listed on a home change final 12 months. In 2021, a number of tech unicorns like Paytm, MobiKwik, PolicyBazaar, and Nykaa had been added to the checklist.
Began in 2010, Ola was based by present chairman and Group CEO of Ola Bhavish Aggarwal and Ankit Bhati (Co-founder and CTO). It now companies over 250 areas in India, Australia, New Zealand, and the UK.
The corporate’s electrical car (EV) division additionally raised $53 million, valuing it at virtually $2.3 billion. Temasek, a shareholder within the dad or mum firm Ola, put ₹185.71 crore into Ola Electrical. Via their pre-IPO funds, IIFL and Edelweiss contributed ₹74 crore and ₹111 crore, respectively.
Ola mentioned in a separate submitting that it has finalised the acquisition of GeoSpoc, a supplier of geospatial companies, for ₹26 crore. The company introduced the acquisition final month however didn’t present any extra data.
Throughout the monetary 12 months ending March 31, 2021, Ola’s working income fell by 63% to Rs. 983.2 crore. Throughout the identical interval, the corporate managed to chop its losses by 49% to Rs. 1,116 crore.
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