July 22, 2017

Ola raises Rs 670 crore from Ratan Tata-backed fund

Ola logo
Image Courtesy of Ola

Ola, which has a presence in 110 Indian cities compared to Uber’s operations in 29, has been aggressively expanding its portfolio of services. BENGALURU: Ratan Tata’s venture fund RNT Capital Advisors and US hedge fund Falcon Edge invested Rs 670 crore ($100 million) in cab-hailing application Ola , filings with the Ministry of Corporate Affairs sourced from data platform Tofler showed.

ET was the first to report about the investment in its April 3 edition.

RNT Capital invested about Rs 267.9 crore, while Falcon Edge, an existing investor in the company, put in another Rs 402 crore, the filings showed. Ola issued 4.96 lakh shares to the two investors at Rs 13,521 each, higher than the Rs 12,905 per share at which it allotted a stake to Japanese investor SoftBank in November to raise Rs 1,675 crore.

Ola did not respond to ET’s email seeking further details. In the April 3 edition, sources ET spoke to said the latest investments would value the company at close to $3.5 billion, compared with $3 billion at the November round. Ola was also in talks to raise another $200 million, the report had said.

The November fundraising was the first down round — a term used […]

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The News for the Gig Economy Staff is constantly searching the web for the latest news regarding freelancing and gig platforms to bring them to you in one handy place. All articles with this generic author have been sourced with the original location at the bottom of the piece. We encourage our readers to view the original source of all excerpts. NGE is a project of ARC Online, LLC.

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