India’s largest taxi aggregator Ola has continued its fundraising momentum, adding hedge fund Tekne Capital Management to its growing set of investors.
The New York-based investment firm has infused less than $50 million in the company as part of its ongoing round, which has also seen participation from Ratan Tata’s venture fund RNT Capital Advisors and US hedge fund Falcon Edge , said two sources familiar with the development. “Ola continues to be in talks with various investors, including Coatue Management for this round,” said the second source familiar with the development. Tekne Capital is a technology-focused hedge fund founded by Beeneet Kothari. The additional capital will push Ola’s valuation to about $3.65 billion, and it will continue to raise capital. An email sent to Ola did not elicit a response till the time of going to press.
The funding momentum comes after Ola decided to raise capital at a lower valuation of $3 billion, from $4.5-5 billion in 2015, from SoftBank in November last year. The fundraising was the first down round -a term used to define fundraising at a lower valuation -for an Indian internet company valued over $1billion in the current cycle. Since then Ola has also […]